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]

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 | | --- | --- | --- | --- ...

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]

撰文丨何己派 苏州走出的AI大佬戴文渊，带领公司努力扭亏。 8月21日，他实控的第四范式披露最新业绩，1-6月的营收大增至26.26亿元，净亏损4370万元，同比减亏超七成。 同时，公司新募到一笔钱。 8月14日，第四范式完成配售募资13亿港元。加上2月募到的约14亿港元，这家北京AI独角兽，半年吸金27亿港元。 放弃清华、求学上海交大的戴文渊，创业亦剑走偏锋，挑选决策AI路线，做成市值280亿港元的公司。 今年，第四范式动作频频。 戴文渊推动业务多元化，忙着搞AI智能眼镜、AI手表，入局稳定币赛道，还携手储能大佬，进军"AI+储能"。 急补弹药 AI战场，局势变幻莫测，戴文渊团队对资金的渴求迫切。 最新募集的13亿港元，一半将用在具身智能、区块链、真实世界资产（RWA）及稳定币上，研发相关产品；另外40%的大头，将用于发掘潜在并购机会。 此次配售，由无极资本认购，这是一家总部设在中国香港及阿布扎比的公司，创始人钱涛（Tony Chin）低调神秘，经营策略激进。 "董事会认为，本次认购事项将带来长远发展效益。"第四范式称，将有助于增强财务状况，拓宽股东及资本基础。 今年初拿到的14亿港元，则主要用于产品研发、 ...

Core Insights - The company reported a revenue of 2.626 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 40.71% [1] - Gross profit reached 990 million RMB, up 25.38% year-on-year, while R&D expenses totaled 893 million RMB [1] - The core business, the "Fourth Paradigm Prophet AI Platform," saw a revenue increase of approximately 71.9%, reaching 2.149 billion RMB, accounting for about 81.8% of total revenue [1] Financial Performance - Revenue for the period was 2.626 billion RMB, a 40.71% increase compared to the previous year [1] - Gross profit was 990 million RMB, reflecting a 25.38% year-on-year growth [1] - R&D expenses amounted to 893 million RMB, with a year-on-year increase of approximately 5.1% [1] Business Development - The company is focusing on the implementation of "AI agent + world model" to capture high-value AI transformation demands from enterprise clients [1] - The number of benchmark users reached 90, an increase of 4 compared to the same period last year, with an average revenue per benchmark user of 17.98 million RMB, up approximately 56.6% year-on-year [2] - The company aims to enhance the capabilities of the Fourth Paradigm Prophet AI Platform, positioning it as a foundational infrastructure for enterprise AI productivity [1][2] R&D Investment - R&D expenses represented 34.0% of total revenue, showing a decrease of 11.5% year-on-year, indicating effective scaling of R&D investments [1] - The company is committed to continuous investment in technological innovation to maintain its leadership in AI technology exploration and commercialization [1]

智通财经APP讯，第四范式(06682)发布截至2025年6月30日止六个月的中期业绩，收入26.26亿元(人民 币，下同)，同比增加40.71%;毛利9.9亿元，同比增加25.38%;研发开支8.93亿元。 公告称，本期间，集团深入推进"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转型需求，驱动集团核心业务"第四范式先知AI平台"收入实现同比增长约71.9%，达21.49亿元，占集 团总收入约81.8%。 集团坚信通过对技术创新的持续投入，公司将始终踏在AI技术探索及商业化落地的浪潮之巅。过去六 个月，公司围绕"AI agent+世界模型"的核心技术路径，在agent开发工具链、智能体框架、AI应用矩 阵、算力及模型资源调度等领域对第四范式先知AI平台进行了丰富而全面的能力迭代，力求将其打造 成一个能够驱动企业从AI中全面获利的基础设施平台，打造全新的AI生产力体系。本期间，研发费用 为8.93亿元，同比增加约5.1%。同时，研发投入的规模效应得到充分显现，研发费用率为34.0%，同比 下降11.5%。 本期间，集团兴奋的观察到"AI agent+世界模型"的价值路径在企业 ...

Group 1 - The stock of Fourth Paradigm experienced a significant increase, rising over 7% on August 21, following news of an increase in holdings by the Franklin Templeton fund [2][4] - As of the latest trading session, Fourth Paradigm's stock closed at 54.55 HKD, with a total market capitalization of 28.3 billion HKD [4] - Franklin Templeton increased its holdings by acquiring 1.65 million shares at an average price of 53.5429 HKD per share, totaling approximately 88.34 million HKD [4][5] Group 2 - After the recent purchase, Franklin Templeton's total holdings in Fourth Paradigm rose to 20.44 million shares, increasing its ownership percentage from 5.86% to 6.37% [5] - This is not the first time Franklin Templeton has increased its stake in Fourth Paradigm this year, having previously acquired shares on August 5 and August 11 [5][6] - Fourth Paradigm reported a significant reduction in net losses for the first half of the year, with an expected decrease of 68% to 73% year-on-year, driven by strong demand for its AI platform [7] Group 3 - The company achieved a revenue of 5.261 billion CNY in 2024, marking a year-on-year growth of 25.1%, while the annual loss attributable to shareholders narrowed by 70.4% [7][8] - Fourth Paradigm plans to raise approximately 1.308 billion HKD through the placement of 25.9 million new H-shares, which will be invested in R&D for AI capabilities in emerging fields [8] - The company has been recognized as the market leader in China's machine learning platform sector for seven consecutive years, according to IDC [8]

Core Viewpoint - Fourth Paradigm's stock price increased by over 7% following an announcement of share purchases by Franklin Templeton [2][3] Group 1: Stock Performance - On August 21, Fourth Paradigm's stock reached a maximum increase of 7.69%, closing with a 6.23% rise at HKD 54.55, resulting in a total market capitalization of HKD 28.3 billion [4] - Franklin Templeton increased its holdings in Fourth Paradigm by purchasing 1.65 million H shares at an average price of HKD 53.5429 per share, totaling approximately HKD 88.34 million [7] Group 2: Shareholding Changes - After the recent purchase, Franklin Templeton's total shareholding in Fourth Paradigm rose to 20.44 million shares, increasing its ownership percentage from 5.86% to 6.37% [7] - This is not the first increase in holdings by Franklin Templeton in 2023; they previously acquired shares on August 5 and August 11, totaling approximately HKD 211 million and HKD 8.2 million respectively [7] Group 3: Financial Performance - Fourth Paradigm expects a reduction in adjusted net losses by 68% to 73% year-on-year for the first half of the year, driven by strong demand for its core AI platform [9] - For the fiscal year 2024, Fourth Paradigm reported revenue of HKD 5.261 billion, a year-on-year increase of 25.1%, with a net loss of HKD 269 million, narrowing by 70.4% compared to the previous year [9] Group 4: Future Plans and Investments - Fourth Paradigm plans to raise approximately HKD 1.308 billion through the placement of 25.9 million new H shares, with proceeds aimed at R&D in emerging fields such as embodied intelligence and blockchain [10] - The company has been recognized as the leading player in China's machine learning platform market for seven consecutive years, according to IDC [10]