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].

010 HO % 第三季度首次实现单季度盈利 | 公司核心产品 4ParadigmSage 先知AI平台 同比增长 板块收入人民币 36.92 亿元 70.1% · 驱动公司业绩实现二次加速 | 公司研发费用 研发费用为人民币 同比增加 14.89 亿元 8.4% 研发费用率 同比下降 33.8% 8.9", | 公司标杆用户 标杆用户数 解放算力潜能 加速应用端市场爆发 智通财经APP获悉，今天（11月12日），范式发布2025年前三季度业绩公告。公告显示，今年前三季 度，公司总收入人民币44.02亿元，同比增长36.8%，远超去年同期增速；毛利润人民币16.21亿元，同 比增长20.1%，较去年同期增速有明显提升；毛利率为36.8%，期间内总体保持平稳，特别值得一提的 是，公司在第三季度首次实现单季度盈利。 随着企业客户对执行可落地、能够产生真实业务价值的AI应用需求愈发急迫，公司捕捉到大量新增业 务机会，并在能源、制造、金融、零售等多个关键行业拓展了新客户。公司核心产品先知AI平台业务 在公告期间实现爆发式增长，板块收入人民币36.92亿元，同比增长70.1%，驱动公司业绩实现二次加 速。 当然，这一强 ...