Core Viewpoint - Fourth Paradigm (06682) shows strong growth driven by increasing demand for AI transformation in enterprises, with significant revenue and profit improvements reported for the first three quarters of the year [1] Financial Performance - Total revenue reached 4.402 billion RMB, a year-on-year increase of 36.8%, significantly surpassing last year's growth rate [1] - Gross profit amounted to 1.621 billion RMB, reflecting a year-on-year growth of 20.1%, with a stable gross margin of 36.8% [1] - The company achieved its first quarterly profit during this period, indicating improved cost and expense structure [1] Product Line Growth - The core product line, the Fourth Paradigm Prophet AI platform, experienced explosive growth, generating revenue of 3.692 billion RMB, a year-on-year increase of 70.1% [1] - Research and development expenses totaled 1.489 billion RMB, an increase of 8.4% year-on-year, with an R&D expense ratio of 33.8%, down 8.9 percentage points compared to the previous year [1] Customer Metrics - The number of benchmark users increased to 103, with an addition of 5 users year-on-year [1] - Average revenue contribution per benchmark user was 25.49 million RMB, showing a year-on-year growth of 71.4% [1] Future Outlook - The company anticipates that collaborations with diversified brand partners will gradually materialize in the upcoming quarters [1]

Core Viewpoint - Fourth Paradigm (06682) has shown strong growth in its business due to the increasing demand for AI transformation in enterprises, with significant revenue and profit improvements reported for the first three quarters of the year [1] Financial Performance - Total revenue reached 4.402 billion RMB, representing a year-on-year increase of 36.8%, significantly surpassing the growth rate of the same period last year [1] - Gross profit amounted to 1.621 billion RMB, with a year-on-year growth of 20.1%, maintaining a gross margin of 36.8% [1] - The company achieved its first quarterly profit during this period, indicating a positive shift in its financial performance [1] Product Line Growth - The core product line, the Fourth Paradigm AI platform, experienced explosive growth, with revenue reaching 3.692 billion RMB, a year-on-year increase of 70.1% [1] - The number of benchmark users increased to 103, with an average revenue contribution of 25.49 million RMB per user, reflecting a year-on-year growth of 71.4% [1] Research and Development - Research and development expenses totaled 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% [1] Future Outlook - The company anticipates that collaborations with various brand partners will gradually materialize in the upcoming quarters, suggesting continued growth potential [1]

Core Insights - The company has experienced strong growth in its business due to the increasing demand for AI transformation in enterprises, with total revenue reaching RMB 4.402 billion, a year-on-year increase of 36.8% [1] - Gross profit amounted to RMB 1.621 billion, reflecting a year-on-year growth of 20.1%, with a stable gross margin of 36.8% [1] - The company's core product line, the Fourth Paradigm AI platform, saw explosive growth, generating RMB 3.692 billion in revenue, a 70.1% increase year-on-year, driving a second acceleration in overall performance [1] - The company has maintained its position as the market leader in China's machine learning platform sector for seven consecutive years, according to IDC [1] Financial Performance - The company achieved its first quarterly profit during this period, indicating a significant improvement in its cost structure and operational efficiency [1] - Research and development expenses totaled RMB 1.489 billion, an increase of 8.4% year-on-year, while the R&D expense ratio decreased by 8.9 percentage points to 33.8%, enhancing the efficiency of R&D investments [1] Market Expansion - The company captured numerous new business opportunities across key industries such as energy, manufacturing, finance, and retail, responding to the urgent demand for actionable AI applications [2] - The number of benchmark users increased to 103, up by 5 users year-on-year, with an average revenue contribution of RMB 25.49 million per benchmark user, representing a 71.4% increase [2]

Core Insights - The company has experienced strong growth in its business due to the increasing demand for AI transformation among enterprises, with total revenue reaching RMB 4.402 billion, a year-on-year increase of 36.8% [1] - Gross profit amounted to RMB 1.621 billion, reflecting a year-on-year growth of 20.1%, indicating a significant improvement compared to the previous year's growth rate [1] - The gross margin remained stable at 36.8% during the period, while the company achieved its first quarterly profit [1] - The core product line, the Fourth Paradigm AI platform, saw explosive growth with revenue of RMB 3.692 billion, a year-on-year increase of 70.1%, driving a secondary acceleration in the company's performance [1] - The company has maintained its position as the market leader in China's machine learning platform sector for seven consecutive years, according to IDC [1] Financial Performance - Research and development expenses totaled RMB 1.489 billion, an increase of 8.4% year-on-year, while the R&D expense ratio decreased by 8.9 percentage points to 33.8%, indicating improved efficiency in R&D investment [1] Market Expansion - The company captured numerous new business opportunities across key industries such as energy, manufacturing, finance, and retail, driven by the urgent demand from enterprise clients for actionable AI applications [2] - The number of benchmark users increased to 103, up by 5 from the previous year, with the average revenue contribution per benchmark user reaching RMB 25.49 million, a year-on-year increase of 71.4% [2]

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） 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 就 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. 截 止2025年9月30日第三季度 業務表現 本公告乃由北京第四範式智能技術股份有限公司（「本公司」，「公 司」或「第四範 式」，連 同 附 屬 公 司，統 稱「本集團」或「集 團」）自 願 發 出。 業務回顧及展望 解 放 算 力 潛 能，加 速 應 用 端 市 場 爆 發 此 刻，我 們 正 站 在 人 類 發 展 的 一 個 重 要 時 點－全 速 迎 接AGI的 到 來。作 為 新 時 代 的「石 油」，AI價 值 的 釋 放 完 全 依 賴 於 一 種 更 核 心 的 底 層 能 力－算 力。在 全 球 科 ...

Core Insights - The company reported a total revenue of 2.626 billion yuan for the first half of 2025, representing a year-on-year growth of 40.7% [2] - The core business, "Fourth Paradigm Prophet AI Platform," generated significant revenue of 2.149 billion yuan, with a year-on-year increase of 71.9%, accounting for 81.8% of total revenue [2] - The SHIFT intelligent solutions generated revenue of 371 million yuan, making up 14.1% of total revenue, focusing on key industries and strategic customer applications [2] - The company reported an operating loss of 848.8 million yuan, a reduction in loss of 55.1% compared to the same period last year [2] - The total assets of the company as of June 30, 2025, were 7.759 billion yuan, a growth of 2.26% from December 31, 2024 [3] - Total liabilities decreased to 1.497 billion yuan, down 39.78% from December 31, 2024 [3]

Investment Rating - The report maintains an "Outperform" rating for the company [1][15]. Core Insights - The company is on a high-growth trajectory, driven by AI technology and strategic initiatives in AI and stablecoin sectors. Revenue forecasts for 2025-2027 are projected at 6.88 billion, 8.86 billion, and 11.28 billion RMB, with EPS estimates of 0.10, 0.54, and 1.14 RMB respectively. A target price of 86.79 HKD is set, reflecting a 4% increase [1][15]. Financial Performance - In the first half of 2025, the company achieved a revenue of 2.63 billion RMB, representing a year-on-year increase of 40.7%. The adjusted net loss narrowed by 71.2% to 0.044 billion RMB. R&D expenses were 0.89 billion RMB, up 5.1% year-on-year, with a research expense ratio of 34.0%, down 11.5% year-on-year [4][16][17]. Business Segmentation - The company's core business, the Prophet AI platform, generated revenue of 2.15 billion RMB in the first half of 2025, a 71.9% increase year-on-year, accounting for 81.8% of total revenue. The SHIFT solutions and AIGS services contributed 0.37 billion RMB and 0.11 billion RMB respectively [4][17]. Strategic Initiatives - The company is deepening its "AI + X" exploration, particularly in AI + energy storage and AI + stablecoin sectors. Collaborations include forming a joint venture to enhance energy station efficiency and developing risk control solutions for stablecoin assets [4][18].

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]

Core Insights - Fourth Paradigm (06682) shares rose over 3%, specifically by 3.15%, reaching HKD 55.75 with a trading volume of HKD 838 million [1] Financial Performance - The company reported a revenue of RMB 2.626 billion for the first half of 2025, reflecting a year-on-year increase of 40.71% [1] - Gross profit amounted to RMB 990 million, which is a year-on-year increase of 25.38% [1] - Research and development expenses totaled RMB 893 million [1] Business Growth - The company emphasized the implementation and application of "AI agent + world model," capturing high-value AI transformation demands from enterprise clients [1] - Revenue from the core business, "Fourth Paradigm Prophet AI Platform," grew approximately 71.9% year-on-year, reaching RMB 2.149 billion, accounting for about 81.8% of the total revenue [1]

Group 1 - The core viewpoint of the article highlights the significant growth in the financial performance of Fourth Paradigm, with a revenue increase of 40.71% year-on-year [1] - The company reported a total revenue of 2.626 billion RMB for the first half of 2025, with a gross profit of 990 million RMB, reflecting a 25.38% increase year-on-year [1] - Research and development expenses amounted to 893 million RMB during the same period [1] Group 2 - The "Fourth Paradigm Prophet AI Platform" generated approximately 2.149 billion RMB in revenue, marking a year-on-year growth of about 71.9%, which constitutes around 81.8% of the total revenue [1] - The company is actively advancing the implementation of "AI agent + world model" to capture high-value AI transformation demands from enterprise clients [1]