Core Viewpoint - The company, Fourth Paradigm, has demonstrated significant growth in its financial performance for the first three quarters of 2023, with total revenue reaching 4.402 billion RMB, a year-on-year increase of 36.8%, and a notable acceleration in its core AI platform business, which saw a revenue increase of 70.1% [2][3]. Financial Performance - Total revenue for the first three quarters of 2023 was 4.402 billion RMB, reflecting a 36.8% year-on-year growth, significantly surpassing the growth rate of the same period in 2024 [2]. - Gross profit reached 1.621 billion RMB, with a year-on-year increase of 20.1%, indicating a marked improvement compared to 2024 [2]. - The gross margin stood at 36.8%, remaining stable throughout the period, with the company achieving its first quarterly profit in Q3 2023 [2]. R&D and Technological Advancements - R&D expenses amounted to 1.489 billion RMB, an increase of 8.4% year-on-year, while the R&D expense ratio decreased by 8.9 percentage points to 33.8%, showcasing improved efficiency in R&D investment [3]. - The company has invested in domestic GPU manufacturers, holding over 9% of shares in leading GPU firm Xiwang and strategically investing in another firm, Tianshu Zhixin [5]. AI Application and Market Expansion - Fourth Paradigm is focusing on the integration of domestic computing power with large models through its ModelHub XC and EngineX AI engine, aiming to convert hardware computing potential into visible business value [5]. - The company has launched the "Virtual VRAM" expansion card, allowing for memory expansion up to 256GB without hardware replacement, facilitating large-scale AI tasks [6]. Industry Trends and Strategic Initiatives - The "AI+" initiative by the State Council aims to promote deep integration of AI across various industries, marking the arrival of the AI-as-software era [8][9]. - Fourth Paradigm is addressing the fragmented software market by offering a unified AI-driven solution to streamline business processes and decision-making [9]. - The company has reported 103 benchmark users, with an average revenue contribution of 25 million RMB per user, reflecting a 71.4% year-on-year growth [10]. Consumer Electronics and Collaboration - The Phancy consumer electronics business is expanding, focusing on AI capabilities in smart terminals, with collaborations with brands like AOC and luxury car manufacturers for innovative product development [11].

硬件方面，公司发布了"VirtualVRAM"虚拟显存扩展卡。单卡显存可扩展至256GB，无需更换硬件即可 突破显存限制，支持大规模AI任务。云原生调度上，第四范式基于Kubernetesv1.34的GPU动态调度能力 实现了算力与显存一体化精细调度。开源项目HAMi-Core与DRA深度适配，推出GPU动态资源驱动，推 动云原生算力管理升级，大幅降低了使用门槛。 在此背后，第四范式坚持在平台上探索并沉淀全栈式的AI技术及功能模块。前三季度，公司研发费用 为14.89亿元，同比增长8.4%，研发费用率为33.8%，同比下降8.9个百分点，在保持技术持续领先的同 时，大幅优化了研发投入的产出效率。 前三季度，公司持续加码算力，通过投资持有国内GPU厂商曦望超过9%的股份，并通过旗下基金战略 投资了另一家国内GPU厂商天数智芯。另一方面，公司推出ModelHubXC及其底层核心的AI引擎体系 EngineX，旨在让国产算力与大模型实现深度、高效、稳定的协同适配，从而将硬件的算力潜能真正、 无损地转化为企业可见的业务价值与效率提升，最大化释放融合价值。目前，平台已适配的信创算力包 括华为昇腾、寒武纪、天数智芯、昆仑 ...