业绩高增，AI 驱动业务多领域拓展 第四范式(6682) ——第四范式（06682.HK）2025 年中报点评 [Table_Invest] 评级： 增持 [Table_CurPrice] 当前价格(港元)： 61.15 [Table_Market] 交易数据 52 周内股价区间(港元) 20.05-63.50 当前股本(百万股) 520 当前市值(百万港元) 31,778 [Table_Summary] 维持"优于大市"评级。在 Agent 加持下，公司已经进入高速增长轨 道，公司增发 H 股战略布局 AI+稳定币赋能业绩增长，我们预测公 司 2025-2027 年营收为 68.84 / 88.63 / 112.76 亿元（不变）；EPS 为 0.10 / 0.54 / 1.14 元，考虑到公司在 50 亿+的营收体量下营收增速仍 能逆势提升，给予公司估值 2025 年 6 倍 PS 不变，提高目标价 4% 至 86.79 港元（1 港元= 0.9158 人民币）。 | 财务摘要（百万人民币） | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- ...

中新网杭州9月20日电(曹丹)"第一，到浙大来做什么？第二，将来毕业后要做什么样的人？" 这是浙江大学竺可桢老校长著名的"两问"，是师生叩问初心的起点，也指引着浙大在时代浪潮中不断求 索的方向。 2005年9月，浙江省委常委会在浙大召开一次历史性会议，提出建设世界一流大学的总目标。 二十年来，浙大秉持"求是创新"校训，一步步将宏伟蓝图转化为办学实践和发展成效，成为观察中国高 等教育跨越式发展的一个生动样本。 育人之变：从"会读书"到"会创造" 近日，在浙大2025级研究生开学典礼上，浙大校长、中国科学院院士马琰铭以《从"会读书的人"到"会 创造的人"》为题，阐释了浙大在新时代的育人使命。 如何激发学生自主探索的学习兴趣，释放其创新动能？ "人工智能是革命性的工具。"浙大本科生院院长吴飞说。 今年8月，国务院正式发布《关于深入实施"人工智能+"行动的意见》，进一步凸显人工智能在国家战略 中的核心地位。 春江水暖鸭先知。作为中国高等教育的排头兵，浙大敏锐地认识到人工智能在教育变革中的关键作用。 早在2021年，浙大就联合上海交通大学、复旦大学、南京大学、中国科学技术大学、同济大学等高校， 率先推出"AI+X"微专 ...

Core Viewpoint - The company has demonstrated significant revenue growth and a substantial reduction in losses in H1 2025, driven by its focus on "AI agent + world model" and continuous investment in R&D, positioning itself for further expansion in various industries through its "AI+X" strategy [1][2][3][4] Financial Performance - In H1 2025, the company achieved a revenue of 2.626 billion yuan, representing a year-on-year increase of 40.7% [2] - The adjusted net loss attributable to the parent company was 44 million yuan, narrowing by approximately 71.2% year-on-year [2] - R&D expenses for H1 2025 amounted to 893 million yuan, up 5.1% year-on-year, with a R&D expense ratio of 34.0%, down 11.5% year-on-year [2] Business Segmentation - The "Fourth Paradigm Prophet AI" platform generated revenue of 2.149 billion yuan in H1 2025, a year-on-year increase of 71.9%, accounting for 81.8% of total group revenue [3] - The SHIFT intelligent solutions business contributed 371 million yuan, approximately 14.1% of total revenue [3] - The Fourth Paradigm AIGS service business generated 106 million yuan, representing about 4.1% of total revenue [3] Strategic Initiatives - The company is actively exploring "AI+X" applications, particularly in the AI + energy storage sector, by launching a joint venture to optimize control of virtual power plants and enhance operational efficiency [4] - In the AI + stablecoin sector, the company is collaborating with leading brokerages to develop risk control and compliance solutions, ensuring the safety and stability of stablecoin assets [4]

Group 1: Fourth Paradigm - The company is expected to achieve profitability in 2025, driven by increased demand for AI productivity in traditional industries [1] - Revenue forecasts for 2025-2027 have been raised by 7-22%, with a projected annual growth rate of 30% until 2029, reaching a revenue scale of 20 billion [1] - The target price has been adjusted to HKD 81, reflecting a potential upside of 27.6% [1] Group 2: Xianzhai AI Platform - The company reported a revenue of 2.626 billion, with a year-on-year growth of 40.7%, and the Xianzhai AI platform revenue grew by 71.9% [2] - The gross margin decreased to 37.7% compared to 42.7% for the full year of 2024, primarily due to an increase in sales of integrated hardware and software solutions [2] - The expense ratio improved to 45%, down from 50% in 2024, indicating ongoing operational efficiency [2] Group 3: Huanyou Group - The company exceeded profit expectations in Q2, with a revenue of 510 million, showing a 3% quarter-on-quarter recovery [3] - The adjusted net profit reached 77 million, surpassing the expected 63 million [3] - The advertising business is expected to continue driving incremental growth [3] Group 4: Kangfang Bio - The company achieved positive results in the HARMONi-A study, which is expected to enhance its commercial landscape due to insurance coverage [7] - The commercial sales revenue for the first half of 2025 grew by 49% to 1.4 billion, driven by key products included in the insurance directory [8] - The target price has been raised to HKD 183, reflecting a strong outlook for the company's products [8] Group 5: Jinxin Reproductive - The company faced significant performance pressure in the first half of 2025, with a revenue decline of 11% to 1.29 billion and a net loss of 1.04 billion [9] - The management plans to restructure the U.S. business and focus on key domestic operations to improve financial performance [10] - The target price has been lowered to HKD 3.30, reflecting a more cautious outlook [10] Group 6: Anta - The company reported a 14.3% year-on-year revenue growth in the first half of 2025, reaching 38.54 billion [11] - The overall gross margin decreased slightly to 63.4%, influenced by deeper discounts and a higher proportion of online sales [11] - The target price has been raised to HKD 117.90, indicating a positive long-term outlook [12] Group 7: Shenzhou International - The company experienced a 15.3% revenue growth in the first half of 2025, totaling 14.97 billion [13] - The gross margin recorded 27.1%, down 1.9 percentage points year-on-year, primarily due to rising labor costs [13] - The target price has been adjusted to HKD 84.00, reflecting a conservative outlook on profitability [14] Group 8: Ping An Insurance - The company reported a 3.7% year-on-year growth in operating profit, while net profit declined by 8.8% due to lower investment income [15] - New business value increased by 39.8%, exceeding expectations, primarily driven by the bancassurance channel [15] - The target price remains at HKD 73, indicating an attractive valuation [16] Group 9: China Resources Land - The company saw a 20% year-on-year revenue increase in the first half of 2025, reaching 94.9 billion [17] - The overall gross margin improved by 1.7 percentage points to 24%, with a core profit decline of 6.6% [17] - The target price has been raised to HKD 35.30, reflecting a positive outlook on profitability [18] Group 10: CIMC Enric - The company reported a 15.6% year-on-year increase in profit for the first half of 2025, totaling 560 million [19] - The clean energy segment saw a revenue increase of 22%, while chemical and liquid food segments experienced declines [19] - The target price has been raised to HKD 8.40, maintaining a buy rating [19] Group 11: Fuyao Glass - The company faced a revenue decline of 26% in Q2 2025, with a significant asset impairment charge [20] - The photovoltaic glass industry is expected to rebound due to reduced production and increased demand [20] - The target price has been slightly adjusted to HKD 11.70, reflecting a positive outlook on valuation [20] Group 12: Jingneng Clean Energy - The company reported a 5% decline in profit for the first half of 2025, but operating profit increased by 10% after adjusting for one-time items [21] - The company plans to adjust its renewable energy installation forecasts for 2025-2027 [22] - The target price has been raised to HKD 3.12, indicating a strong dividend yield [22]

Core Viewpoint - The future of AI technology is projected to evolve significantly, with robots potentially outnumbering humans in various sectors, including factories and households, as outlined by Zhang Yaqin, the director of Tsinghua University's Institute of Intelligent Industry Research (AIR) [1]. AI Technology Development Directions - AI large models are seen as a cornerstone of digitalization 3.0, with key development directions including multi-modal intelligence, autonomous intelligence, edge intelligence, physical intelligence, and biological intelligence [1][8]. - The transition from "digitalization 1.0" and "2.0" to "digitalization 3.0" involves a shift from small models to large models and from single-modal to multi-modal systems, indicating a broad application of AI across various industries [2]. Five Evolution Trends of AI Large Models - Large models and generative AI are expected to be the main technologies and industrial routes over the next decade, driving innovation and transformation [5]. - The ecosystem of AI will be significantly larger than that of personal computing and mobile internet, with foundational large models coexisting with vertical and edge models [6]. - Key elements of large models include tokenization and scaling laws, which enhance the model's ability to process diverse data types and improve performance with increased parameters and data [7]. Autonomous Intelligence - Autonomous intelligence will lead to personalized intelligent agents capable of self-planning, coding, and optimizing tasks, achieving high levels of autonomy and self-iteration [8]. - New algorithmic frameworks are necessary to overcome current inefficiencies and high energy consumption in existing algorithms, with potential breakthroughs expected in the next five years [9]. Path to General Artificial Intelligence - General artificial intelligence is anticipated to be realized within 15 to 20 years, with significant advancements expected in information intelligence, physical intelligence, and biological intelligence [10]. Future of Autonomous Driving - Autonomous driving is projected to be a key application of physical intelligence in the next five years, with safety levels expected to exceed human drivers by at least ten times [11]. - Large models and generative AI will enhance the generalization capabilities of Level 4 autonomous driving systems by generating high-quality edge case data and improving scenario simulation [12]. - The integration of multi-modal sensor data and end-to-end training will enable real-time collaboration between cloud-based large models and vehicle-specific models [13]. - Future autonomous driving applications will focus on single-vehicle intelligence, with a "vehicle-road-cloud" integration to ensure safety and optimize traffic flow [14]. - By 2025, autonomous driving may reach a pivotal moment, with 10% of new vehicles expected to have Level 4 capabilities by 2030 [15].