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） （股 份 代 號：6682） (1)建議更改本公司英文名稱及建議修改公司章程 (2)建議委任獨立非執行董事 及 (3)臨時股東會之暫停辦理股份過戶登記手續期間 建議更改本公司英文名稱及建議修改公司章程 潘嘉林先生，45歲，現 任 香 港 中 文 大 學 計 算 機 科 學 與 工 程 系 教 授 及 副 系 主 任、 賽 馬 會「機 器 學 習 與 符 號 推 理 融 合」創 科 實 驗 室 總 監。 潘先生自2022年12月 至 今 擔 任 香 港 中 文 大 學 計 算 機 科 學 與 工 程 系 教 授，自2023 年7月 至 今 擔 任 賽 ...

Investment Rating - The report provides a recommendation for the technology sector, specifically highlighting key stocks for December 2025 [4][8]. Core Insights - The report identifies several companies within the technology sector that are expected to perform well, including Zhaoyi Innovation, Dongshan Precision, Fourth Paradigm, Tax Friend, Zhongji Xuchuang, Huafeng Technology, Kaiying Network, and Perfect World [12][14][15][16][19]. Summary by Category Electronics - **Zhaoyi Innovation**: The company is in a price increase cycle for storage products, with NOR Flash expanding its market share and SLC NAND Flash improving its process technology. The revenue is expected to continue growing as it captures high-end markets [14]. - **Dongshan Precision**: The company is entering a growth phase driven by AI technology, with increased demand for data servers. It has made strategic acquisitions to enhance its position in optical communication and PCB sectors [14]. Computer - **Fourth Paradigm**: The company is positioned to benefit from the increasing penetration of AI across various industries. Its core product, the AI platform, is experiencing rapid revenue growth, and it holds a leading market share in machine learning platforms in China [15]. - **Tax Friend**: As a leader in financial and tax information technology, the company is leveraging AI to enhance its service offerings, which is expected to drive significant growth in high-value business segments [16]. Communication - **Zhongji Xuchuang**: The company is a leader in optical modules, with strong R&D capabilities and a robust overseas production capacity. It is expected to see significant profit growth from 2025 to 2027 [16]. - **Huafeng Technology**: The company is well-positioned to benefit from the high demand for AI computing power, with expectations of profit growth in the coming years [17]. Media - **Kaiying Network**: The company has a rich product pipeline and is expected to see growth from new game launches and collaborations. Its investments in AI gaming applications are also anticipated to drive future revenue [19]. - **Perfect World**: The company is focusing on developing new games and hosting major esports events, which are expected to contribute to its growth trajectory [19].

Core Viewpoint - The company Teslian has submitted its application for a mainboard listing on the Hong Kong Stock Exchange, showcasing a paradoxical financial performance with a significant revenue increase but an expanding net loss, raising questions about the sustainability of its high-growth model [1][2]. Financial Performance - In the first half of 2025, Teslian's revenue surged by 77% year-on-year to 632 million yuan, while its net loss widened by 40% to 574 million yuan [1][2]. - From 2022 to 2024, revenue grew from 738 million yuan to 1.843 billion yuan, achieving a compound annual growth rate (CAGR) of 58%, with a further acceleration to 77% in the first half of 2025 [2]. - The primary growth driver was the AI industry digitalization business, which saw a 191% year-on-year increase in revenue, reaching 577 million yuan and accounting for over 90% of total revenue [2]. - Cumulative losses exceeded 5.8 billion yuan from 2022 to 2024, with the first half of 2025 showing a 40% increase in net losses [2]. - High research and development (R&D) and market expansion costs are the main reasons for the losses, with R&D expenses exceeding 1 billion yuan over three years and 162 million yuan in the first half of 2025 [2]. Capital Structure - Teslian's shareholder base includes prominent investors, with the Everbright Group holding 25.89% as the largest shareholder, and other significant stakes from SenseTime and JD Technology [3]. - The company’s valuation reached 21 billion yuan after a 50 million yuan investment from Meigaoyu in August 2024, further increasing to 21.6 billion yuan in early 2025 [3]. - Despite a 316% increase in cash reserves to 657 million yuan by mid-2025, the company continues to face negative cash flow from operating activities [3]. Industry Context - The IPO coincides with a pivotal moment in the AIoT industry, with the market expected to grow from 394 billion yuan in 2024 to 715 billion yuan by 2029, reflecting a CAGR of 12.6% [4]. - Competition is intensifying, with major players like Huawei and Alibaba Cloud applying price pressure on smaller firms, while listed companies are establishing barriers in niche markets [4]. - Teslian differentiates itself as an "operating system product provider," with its self-developed TacOS system capable of supporting millions of devices [4]. Market Challenges - Teslian's listing is seen as a litmus test for the valuation models of AIoT companies in the Hong Kong market, where previous listings have faced stock price declines due to skepticism about profitability [5]. - The company must demonstrate that its spatial intelligence strategy can achieve economies of scale and potentially lower marginal delivery costs through its TacOS system [5]. Strategic Outlook - Analysts highlight the challenge for Teslian to balance short-term losses with long-term value creation, suggesting that improving gross margins from 22.7% to over 30% and controlling operational expenses could lead to breakeven by 2026-2027 [6]. - The IPO represents a transition for the AIoT industry from technological exploration to commercial maturity, with the success of Teslian's strategy being crucial for its acceptance in the capital market [7].

Core Viewpoint - The Hong Kong stock market has seen a rise in robotics concept stocks, indicating growing investor interest in the sector [1] Group 1: Company Performance - GAC Group's stock price increased to 12% [1] - Yujing's stock rose over 4% [1] - Horizon Robotics and UBTECH Robotics both saw their stocks increase by over 3% [1] - Sanhua Intelligent Control, Sutech Juchuang, and Fourth Paradigm experienced stock gains of nearly 2% [1]

Core Insights - The core viewpoint of the article highlights the rapid growth of Teslin, a leading AIoT company in China, driven by the increasing demand for AI computing infrastructure and the company's strategic focus on space intelligence [1][2][3]. Financial Performance - Teslin's revenue for 2022, 2023, and 2024 is reported at 738 million, 1.006 billion, and 1.843 billion respectively, indicating a compound annual growth rate (CAGR) of 58.0% from 2022 to 2024 [1]. - In the first half of 2025, Teslin's revenue reached approximately 632 million, representing a 77% year-on-year increase compared to the first half of 2024 [1][3]. - The core business revenue from AI industrial digitalization in the first half of 2025 was 577 million, a significant increase of 191.1% from 198 million in the same period of 2024 [2]. Market Position and Growth - The global AIoT market is experiencing rapid growth, with a projected CAGR of over 31.7% over the next five years [3]. - In China, the AIoT market size is expected to grow from 816 billion in 2024 to 1.37 trillion by 2029, with a CAGR of 10.9% [3]. - Teslin is positioned as one of the top five public domain AIoT product providers in China, focusing on the integration of AI and IoT technologies [3]. Cost Management - Teslin has demonstrated effective cost control, with the expense ratio (including sales, administrative, and R&D expenses) decreasing from 104.6% in 2024 to 58.1% in 2025 [4]. - Sales and marketing expenses were reduced by approximately 43.9%, from 82 million in 2024 to 46 million in 2025 [4]. Client Base and Orders - As of June 30, 2025, Teslin's products have been deployed by over 900 clients across 172 cities globally, including locations in China, UAE, Singapore, and Australia [4]. - The total order amount as of September 30, 2025, reached 2.6 billion, indicating a steady increase in demand [4]. Strategic Focus - Teslin's strategy revolves around space intelligence, which enhances the ability of machines to perceive and interact with the physical world [5][6]. - The company has established a comprehensive AIoT product system and is actively pursuing applications in various environments such as buildings, communities, and cities [6]. Technological Advancements - The proliferation of AI large model technologies has accelerated the demand for intelligent computing, which is crucial for Teslin's AIoT business [7]. - Teslin's AIoT computing business includes hardware clusters and software platforms designed to efficiently deliver computing resources for AI applications [7]. Future Outlook - The synergy between AIoT computing and intelligent agents is expected to drive the next generation of AI growth for Teslin [10]. - With ongoing advancements in space intelligence and a robust financial position, Teslin is well-positioned to capitalize on emerging opportunities in diverse scenarios [10].

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]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a revenue of 4.402 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 36.8%. The gross profit reached 1.621 billion yuan, with a gross margin of 36.8% [2][4]. - The company's R&D expenses amounted to 1.468 billion yuan, reflecting an 8.4% increase year-on-year, while the R&D expense ratio decreased by 8.9 percentage points to 33.8% [2][4]. - The enterprise-level Agent expansion has led to significant growth in the company's "Prophet AI" platform, which generated 3.692 billion yuan in revenue, a 70.1% increase year-on-year, accounting for 83.9% of total revenue [2][4]. Summary by Sections Business Performance - In Q3 2025, the company achieved a quarterly revenue of 1.78 billion yuan, a year-on-year increase of 31.4%. The demand for AI applications that deliver tangible business value has surged among enterprise clients, leading to the acquisition of new business opportunities across key industries such as energy, manufacturing, finance, and retail [8]. - The number of benchmark users increased to 103, with an average revenue contribution of 25.49 million yuan per user, marking a 71.4% year-on-year growth [8]. Product Development - The "Prophet AI" platform's revenue share continues to rise, with a reported 36.92 billion yuan in revenue for the first three quarters of 2025, up 70.1% year-on-year. The revenue from SHIFT intelligent solutions decreased by 12.5% to 6.02 billion yuan due to increased standardization in existing scene deliveries [8]. - The company has enhanced its core products and expanded downstream applications, launching ModelHub XC and the AI engine system EngineX, which are compatible with various domestic chips [8]. Market Position - The company is positioned as a leader in AI, benefiting from the ongoing penetration of AI across various industries. The potential for digital transformation in Chinese enterprises is significant, with traditional sectors like finance and automotive leading the way, while energy and manufacturing present substantial market opportunities [8]. - The company has maintained its position as the market leader in China's machine learning platform sector for seven consecutive years, with projected revenues of 6.937 billion, 9.062 billion, and 11.797 billion yuan for 2025-2027, reflecting a compound annual growth rate of approximately 30% [8].

Core Viewpoint - Fourth Paradigm (06682.HK) announced the grant of a total of 9,803,700 stock options to eligible persons at an exercise price of HKD 48.38 per H-share, pending acceptance by the grantees [1] Group 1 - The stock options were granted under a stock option plan adopted on September 19, 2024 [1] - The options will allow the grantees to subscribe for ordinary shares listed on the Hong Kong Stock Exchange [1] - The grant of options is subject to acceptance by the grantees before it becomes effective [1]

Core Viewpoint - Fourth Paradigm (06682) announced the adoption of a stock option plan on September 19, 2024, granting a total of 9.8037 million stock options to eligible participants at an exercise price of HKD 48.38 per share for the company's ordinary shares listed on the Hong Kong Stock Exchange, pending acceptance by the participants [1] Group 1 - The stock option plan was adopted on September 19, 2024 [1] - A total of 9.8037 million stock options will be granted [1] - The exercise price for the stock options is set at HKD 48.38 per share [1] Group 2 - The stock options are for the company's ordinary shares listed on the Hong Kong Stock Exchange [1] - The grant of stock options is subject to acceptance by the participants [1]

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 已授出購股權之行使價 ： 每股H股48.38港 元 （不 低 於 以 下 最 高 者：(i) H股於授出日期在聯交所 每 日 報 價 表 上 所 列 的 官 方 收 市 價，即47.70港 元； (ii) H股於緊接授出日期前五個營業日（定 義 見 上 市 規 則）在聯交所每日報價表上所列的平均官方收市 價，即48.38港 元；及(iii) H股 的 面 值） – 1 – 授出日期 ： 2025年11月25日 承 授 人 ： 承 授 人 為 本 集 團 僱 員 及 一 名 本 公 司 董 事。 已授出購股權數目 ： 9,803,700份購股權（每 份 購 股 權 賦 予 承 授 人 權 利 認 購一股H股） 上 述 授 出 的 ...