摘要 第四范式提供先知 AI 平台、SHIFT 智能解决方案平台和 AIGS 服务，通 过 AutoML 和迁移学习技术，构建低门槛 AI 开发套件及 AIOS 平台，赋 能企业快速构建定制化模型基座，并深挖细分场景，构建多行业解决方 案。 2018 年至 2023 年，第四范式营收高速增长，2023 年达 42 亿元，同 比增长 36.4%。标杆用户收入占比约 60.77%，数量从 18 个增至 139 个，每用户平均收入从 3.9 百万元提升至 8.38 百万元。 第四范式在金融、能源电力等行业营收占比较高，但行业覆盖集中度较 低，抗风险能力较强。2022 年能源电力和金融行业分别占总营收的 20.3%和 16.9%，呈现均衡化发展态势。 公司销售费用率、管理费用率和财务费用率逐年下降，研发投入保持高 位，2023 年研发费用 17.69 亿元，占营收比例 42.08%，持续构建长 期竞争护城河。 公司亏损持续收窄，2023 年归母净利润亏损 9.09 亿元，同比减少 7.36 亿元。通过控制费用和增加高毛利项目，公司未来有望实现盈利。 Q&A 第四范式在 AI 时代企业数字化转型中的角色是什么？ 第四范 ...

研究员：赵丽萍/魏鹳霏/王倩蕾 第四范式1H25 业务持续放量，业绩超出我们预期公司公布1H25 收入26.26 亿元，同比增长40.7%；扣 非归母净亏损同比收窄1.08 亿元至-0.44 亿元；扣非净亏损同比收窄1.18 亿元至-0.51 亿元。 1H25 业绩超预期。单二季度公司实现收入15.49 亿元，同比+49.2%。 发展趋势 先知AI 平台占比持续提升，一体机等硬件需求强劲。1H25 公司营业收入26.26 亿元，其中先知AI 平 台/SHIFT 智能解决方案/式说AIGS 服务分别为21.49/3.71/1.06 亿元，同比+71.9%/-18.1%/-34.8%，占总 收入比例达到81.8%/14.1%/4.1%，先知AI 平台占比持续提升。2Q25 收入15.49 亿元，先知AI 平 台/SHIFT 智能解决方案/式说AIGS 服务收入13.44/1.59/0.46 亿元，同比+79.6%/-22.1%/-46.2%。1H25 公 司标杆客户数90 个，标杆客户ARPU1,798 万元，同比增长56.6%，单客户价值量驱动收入增速。1H25 公司账期改善，应收账款余额19.67 亿元，较2 ...

以持续领先的产品与技术实力巩固了市场地位，以积极开放的生态合作提前布局未来增长 曲线。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 范式 集团于 8月21日 发布 了 2025年中期业绩报告。 财报显示 ， 范式今年上半年 总营收 26.26亿元， 同比 增长约 40.7%；经调整归母净亏损（非国 际财务报告准则计量）4370万元，较 2024年同期 缩窄约 71.2% 。 先知 AI平台业务收入大幅增长 「 AI Agent+世界模型」全面铺开 今年上半年， 集团核心业务 ——先知AI平台业务表现依然亮眼，受惠于企业对AI原生软件的强诉 求、先知AI平台的全面升级以及全新的AI生产力体系的顺势打造，集团成功发布多个行业Agent应用 方案、建设起生态合作伙伴体系，推动先知AI平台业务收入大幅增长 。 今年上半年， AI平台业务收入21.49亿元，同比增长约71.9%，占集团总收入约81.8%。 同时， 集团 今年上半年还在 深入推进「 AI Agent+世界模型」的落地及应用，充分捕捉企业客户 高 价 值 场 景 下 的 AI 转 型 需 ...

Core Insights - The company reported a significant revenue increase of RMB 2.626 billion, representing a year-on-year growth of approximately 40.7% [1] - Adjusted net loss narrowed to RMB 43.7 million, a reduction of about 71.2% compared to the same period last year [1] - The core business, the Prophet AI platform, saw revenue growth of RMB 2.149 billion, up approximately 71.9%, accounting for about 81.8% of total revenue [1] AI Agent and Market Position - The company has advanced the "AI Agent + World Model" initiative, capturing high-value AI transformation demands from enterprise clients, resulting in 90 benchmark users, an increase of 4 from the previous year [2] - Average revenue per benchmark user reached RMB 17.98 million, reflecting a growth rate of 56.6% year-on-year [2] - The company maintained its position as the leading player in the Chinese machine learning platform market for seven consecutive years, according to IDC [3] Future Growth and New Ventures - The company is exploring AI applications in new fields, including AI + energy storage, focusing on optimizing power trading strategies and intelligent operation of power plants [4] - The newly launched Phancy consumer electronics business has introduced products such as smartwatches and smart glasses, with plans to expand into smart toys and wearables [4] - A strategic partnership with Huawei's HarmonyOS and Hisilicon chips aims to create an integrated AI hardware solution, enhancing the company's competitive edge in the smart device ecosystem [5]

报告期内，范式集团深入推进"AIAgent+世界模型"落地及应用，实现标杆用户数90个，较去年同期增长 4个；每标杆用户平均收入为人民币1798万元，较去年同期值的增长率高达56.6%。（文猛） 责任编辑：刘万里 SF014 新浪科技讯 8月21日晚间消息，范式集团发布2025年中期业绩报告。报告显示，本期间集团收入大幅提 升，总营收人民币26.26亿元，较去年同期增长约40.7%；经调整归母净亏损（非国际财务报告准则计 量）人民币4370万元，较去年同期人民币1.516亿元缩窄约71.2%。 报告期间，受惠于范式集团核心业务——先知AI平台业务收入大幅增长，范式集团AI平台业务收入人 民币21.49亿元，同比增长约71.9%，占集团总收入约81.8%。 费用方面，报告期间，集团三项主要费用加总的占收比从58.2%下降至44.5%。这其中，研发投入的规 模效应在今年以来得到了充分的显现，研发费用总额较去年增加约5.1%，费用率方面则同比下降了 11.5%，达到34%的水平。 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the progress of AI applications in both B-end and C-end markets globally and in China, highlighting the rapid development and commercialization of AI technologies in various sectors [1][2][3]. Core Insights and Arguments - **C-end AI Applications**: China leads in C-end AI applications, benefiting from a large user base and mobile internet advantages. Companies like ByteDance, Kuaishou, and Meitu have shown significant AI integration in their products, reflected in their financial results [2]. - **B-end AI Applications**: The B-end market in China faces challenges such as low willingness to pay for AI solutions. However, sectors like manufacturing, education, and healthcare are leveraging AI to enhance competitiveness and provide customized experiences [1][3][5][6]. - **Meitu's Growth**: Meitu has seen a significant increase in paid users, reaching 12.61 million in 2024, more than doubling from 2022, due to its user-friendly AI product designs [10][11]. - **Applovin's XOY AI Engine**: Applovin's XOY AI advertising engine has driven performance growth by transitioning from a click-based payment model to a performance-based model, enhancing ad targeting and user engagement [13]. - **Tems AI's Business Model**: Tems AI has achieved commercial success through precision medicine, generating $445 million in revenue in 2024 by charging hospitals per case and earning commissions from pharmaceutical companies [15]. Important but Overlooked Content - **Challenges in B-end Market**: The B-end market in China struggles with low payment rates compared to the U.S., where companies are more accustomed to paying high premiums for software. This necessitates a focus on demonstrating the tangible benefits of AI solutions [12]. - **AI in Manufacturing**: AI applications in manufacturing are expected to enhance production efficiency and quality, with companies like Dingjie Digital leading the way in implementing AI tools [5][22][24]. - **Growth of AIGC in C-end**: The C-end generative AI applications have rapidly grown, with apps like Deepseek and Doubao surpassing 100 million monthly active users, indicating a strong market potential [7][8]. - **Investment Opportunities**: Companies in enterprise service software, such as Kingdee International and Yonyou Network, as well as those in vertical industries like healthcare and education, are highlighted as having strong growth prospects [30]. Conclusion - The conference call emphasizes the transformative impact of AI across various sectors, with notable advancements in both B-end and C-end applications. The potential for growth in AI technologies remains significant, particularly in the context of China's unique market dynamics and user base.

Investment Rating - The report maintains an "Outperform" rating for the company [4][8]. Core Insights - The company has entered a high-growth trajectory supported by its Agent business, with a forecasted revenue growth of 30.85% in 2025, 28.75% in 2026, and 27.22% in 2027 [4][8]. - The first quarter of 2025 saw revenue of 1.08 billion RMB, a year-on-year increase of 30.1%, with a gross profit of 444 million RMB, also up 30.1% [4][8]. - The average revenue per key user reached 11.67 million RMB, reflecting a 31.3% year-on-year increase, indicating strong performance despite macroeconomic pressures [4][8]. Financial Summary - Revenue projections for 2025-2027 are 6.88 billion RMB, 8.86 billion RMB, and 11.28 billion RMB respectively, with EPS expected to be 0.11 RMB, 0.56 RMB, and 1.19 RMB [3][4][8]. - The company’s gross profit margin (GPM) for Q1 2025 was 41.2%, maintaining stability compared to the previous year [4][8]. - The Prophet AI platform generated 805 million RMB in revenue for Q1 2025, marking a 60.5% increase year-on-year [4][8]. Business Development - The company has upgraded to a dual 2B+2C business model, enhancing its capabilities in both enterprise and consumer sectors [4][8]. - The launch of the AI Agent development platform has enabled the company to cover the full lifecycle of AI Agent development, with applications across over 14 industries [4][8]. - The establishment of the Phancy consumer electronics sector aims to provide AI Agent solutions for devices, further diversifying the company's offerings [4][8].

Core Insights - Fourth Paradigm (06682.HK) reported a total revenue of 1.077 billion yuan for Q1 of FY2025, marking a year-on-year increase of 30.1% [2] - The company's gross profit reached 444 million yuan, also reflecting a 30.1% year-on-year growth, with a gross margin of 41.2% [2] - Following the positive earnings report, the stock opened 4% higher and surged over 8% during trading on May 16, reaching 42.9 HKD per share and a market capitalization of 21.1 billion HKD [2] Business Segment Performance - The "Prophet AI Platform," which constitutes 74.8% of total revenue, generated 805 million yuan in Q1, showing a significant year-on-year growth of 60.5% [5] - The SHIFT intelligent solutions segment reported revenue of 212 million yuan, down 14.9% year-on-year, with its revenue share decreasing to 19.7% due to strategic business expansion [5] - The AIGS service segment contributed 60 million yuan, accounting for 5.6% of total revenue [5] R&D and Future Plans - R&D expenses for Q1 amounted to 368 million yuan, an increase of 5.7% year-on-year, with an R&D expense ratio of 34.2%, down 8 percentage points [5] - The company plans to establish Paradigm Group, with the original Fourth Paradigm business becoming a core subsidiary, while also entering new sectors like consumer electronics [6] - The focus remains on enhancing AI capabilities across various industries, with a commitment to not pivoting away from enterprise services [6][7] Market Position and Profitability Outlook - Fourth Paradigm's overall R&D and revenue scale is smaller compared to peers like SenseTime, but it has a larger profit margin potential [7] - Based on current trends, the company is projected to achieve breakeven or positive net profit for FY2025, potentially becoming the third domestic AI software company to report profitability [7] - The vision is to leverage accumulated experience in vertical world models to expand AI capabilities beyond enterprise software, aiming for a broader market reach [8]

Core Viewpoint - The company has demonstrated robust growth in 2024, with a significant reduction in net losses, driven by advancements in AI technology and strategic business focus [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 5.261 billion yuan, a year-on-year increase of 25.1% [1] - Gross profit reached 2.245 billion yuan, maintaining a gross margin of 42.7% [1] - The net loss attributable to shareholders was 269 million yuan, a substantial reduction of 70.4% year-on-year, with a net loss margin of 5.1% [1] - Adjusted net loss for the year was 292 million yuan, narrowing by 29.6% compared to 2023 [1] - R&D expenses amounted to 2.170 billion yuan, representing 41.2% of revenue [1] Business Segments - The "Xianzhi AI Platform" business generated revenue of 3.676 billion yuan, up 46.7% year-on-year [2] - The "SHIFT Intelligent Solutions" business saw revenue decline by 20.3% to 1.022 billion yuan due to a strategic focus shift towards the Xianzhi AI Platform [2] - The "Shishuo AIGS Service" business contributed 563 million yuan, providing efficient development tools and services based on generative AI [2] Industry Expansion - The company maintained its position as the leading machine learning platform in China for six consecutive years, with a customer base expansion of 16% to 161 benchmark users [3] - Average revenue per benchmark user was 19.1 million yuan, with a net revenue growth rate (NDER) of 110% [3] Corporate Restructuring - The company established "Paradigm Group," with its enterprise service business becoming a core subsidiary, and launched a new consumer electronics segment called "Phancy" [4] - Phancy aims to provide AI Agent-based integrated hardware and software solutions, enhancing user interaction and service connectivity [4] Focus on AI Agent - The company is prioritizing the development of AI Agent technology, which can automate various business processes for enterprise clients [5] - In 2024, the company deployed AI Agent solutions across over 10 industries, enhancing operational efficiency [5] Development of Edge AI - The company anticipates significant growth in edge AI, with the launch of the ModelHubAIoT solution expected to facilitate easy deployment of distilled models [6] - Collaborations with partners aim to integrate edge computing capabilities with AI models, enhancing the accessibility of AI technology in consumer electronics [6][7] AI All-in-One Machine Demand - The company has partnered with Huawei to launch the SageOne IA solution, addressing the growing demand for AI model deployment and ensuring data security [8] - The solution enhances performance and flexibility for enterprises, supporting various mainstream large models [8]

Core Viewpoints - The company's core business drives high-quality revenue growth, achieving revenue of RMB 5.261 billion in 2024, a year-on-year increase of 25.1%, with the "Prophet AI Platform" contributing RMB 3.676 billion, a significant growth of 46.7%, accounting for 69.9% of total revenue. Meanwhile, the net profit attributable to the parent company narrowed its loss to RMB -269 million, a substantial reduction of 70.4% [1][2] - The company has a high customer stickiness among industry-leading clients, with the number of benchmark clients increasing by 16% to 161, an average revenue contribution of RMB 19.1 million, and a net retention rate (NDER) of 110%. The company has launched an AI Agent collaborative operation solution in partnership with Zhiyuan Interconnect, integrating the AI Prophet platform with the AICOP platform [1][2] - The company upgraded its group structure and launched the "Phancy" brand to provide C-end AI capabilities in addition to its B-end business. The ModelHub AIoT solution supports the deployment of large models on local devices, offering low-latency and high-privacy edge AI services, collaborating with brands like Lenovo to enhance the deployment of Agents on the edge [1][2] Financial Performance - In 2024, the company reported a total revenue of RMB 5.261 billion, a year-on-year increase of 25.1%, with a gross profit of RMB 2.245 billion and a gross margin of 42.7%. The net profit attributable to the parent company improved to RMB -269 million, a significant reduction of 70.4% [1][2] - The core business revenue and profit both grew rapidly, with the "Prophet AI Platform" achieving revenue of RMB 3.676 billion, a year-on-year increase of 46.7%, and accounting for 69.9% of total revenue. The company's R&D investment reached RMB 2.170 billion, with an R&D expense ratio of 41.2% [1][2] Business Segments - The core business structure remains coordinated across three major segments: the Prophet AI Platform, SHIFT Intelligent Solutions, and Shisuo AIGS Services. In 2024, the Prophet AI Platform generated revenue of RMB 3.676 billion, a year-on-year increase of 46.7%, while SHIFT Intelligent Solutions revenue decreased by 20.3% to RMB 1.022 billion due to resource focus on the AI platform strategy [2][3] - The SHIFT Intelligent Solutions provide intelligent solutions for various industries, further deepening industry applications and accelerating digital transformation. The Shisuo AIGS Services empower software development through generative AI technology, enhancing user experience and product capabilities [3][4] Customer Base and Market Position - The number of benchmark users reached 161 in 2024, a 16% increase year-on-year, with an average revenue contribution of RMB 19.1 million. The customer concentration risk has been effectively mitigated, with the largest single customer revenue share decreasing from 12.7% in 2023 to 10.6% in 2024 [4][5] - The company has helped over 10 industries develop and deploy enterprise-level AI Agents, with practical experience in various verticals such as financial credit risk control and water and electricity equipment operation [4][5] Strategic Developments - The company completed a group structure upgrade and officially rebranded as "Paradigm Group," with its enterprise-level AI business becoming the core B-end brand. The launch of the Phancy brand focuses on "AI Agent + World Model" technology, providing edge AI capabilities to both consumer and industrial sectors [5][6] - The ModelHub AIoT solution supports local deployment of distilled models, achieving low-latency and high-privacy edge AI services, and has collaborated with brands like Acer and Lenovo to upgrade traditional devices into AI terminals [5][6] Profit Forecast - As a leader in enterprise-level AI, the company has seen continuous revenue growth and narrowing net losses, with a clearer profit model. The number of benchmark clients and revenue are steadily increasing, with projections for 2025-2027 revenues of RMB 6.663 billion, RMB 8.347 billion, and RMB 10.413 billion, representing year-on-year growth rates of 26.66%, 25.26%, and 24.77% respectively [5][6]