1月8日，天数智芯(09903)正式在香港交易所主板挂牌上市。开盘后股价一度飙升31.54%，市值超400亿 港元。展现出资本市场对国产高端算力芯片的强烈兴趣与坚定信心。 此次IPO中，天数智芯吸引了包括中兴通讯(香港)、UBS AM Singapore、华胜天成（600410）(香港)以 及人工智能领域的领军企业范式智能(06682)在内的18家基石投资者，这些投资者承诺认购总额高达 15.83亿港元的发售股份。特别是作为深度合作伙伴的范式智能的加入，不仅彰显了其对国产算力生态 的看好，更标志着双方在资本和技术层面的深度融合。 深度绑定：范式智能与天数智芯的协同效应 范式智能与天数智芯的合作超越了简单的资本投资，深入到了技术协同与商业共生的核心层面： 战略投资与生态协同：范式智能通过旗下基金对天数智芯进行战略投资，并致力于打通国产算力硬件与 上层AI应用之间的壁垒，共同构建自主可控的AI算力底座。 天数智芯的上市不仅是其自身发展的里程碑，更是国产AI产业迈向成熟的标志性事件。双方从资本到 技术的深度协同，加速了国产AI算力生态的成熟，提供了稳定、高效、安全的国产算力保障，为国产 AI芯片从"能用"走向"好用 ...

智通财经APP获悉，1月8日，天数智芯(09903)正式在香港交易所主板挂牌上市。开盘后股价一度飙升 31.54%，市值超400亿港元。展现出资本市场对国产高端算力芯片的强烈兴趣与坚定信心。 战略投资与生态协同：范式智能通过旗下基金对天数智芯进行战略投资，并致力于打通国产算力硬件与 上层AI应用之间的壁垒，共同构建自主可控的AI算力底座。 技术适配与市场拓展：范式智能推出的ModelHub XC及底层引擎EngineX，解决了国产算力与大模型之 间的适配问题，使得企业客户能够便捷地部署和运行AI模型，降低了使用门槛并提升了市场接受度。 上市对范式智能的三重利好 天数智芯的成功上市及其在资本市场的优异表现，为范式智能带来了显著的积极影响： 1. 投资价值重估与财务收益：天数智芯股价的强劲表现直接提升了范式智能所持股份的价值，优化了资 产结构，并提升了自身的估值水平。 2. 强化供应链安全与算力自主权：天数智芯上市后将获得更充裕的资金用于研发和产能扩张，确保范式 智能在未来能获得更加稳定、先进且成本可控的国产算力供应，降低对单一海外供应商的依赖。 3. 提升技术壁垒与市场竞争力：通过与天数智芯的深度合作，范式智能 ...

Core Insights - Fourth Paradigm reported a revenue of 4.402 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 36.8% [1] - The company's AI platform, Prophet AI, achieved a revenue of 3.692 billion yuan, growing 70.1% year-on-year, and accounted for 83.9% of total revenue [2] - The company is positioned to benefit significantly from the ongoing penetration of AI across various industries in China, with a projected revenue growth of approximately 30% from 2025 to 2027 [3] Financial Performance - For Q3 2025, the company achieved a revenue of 1.78 billion yuan, reflecting a year-on-year increase of 31.4% [1] - Gross profit for the first three quarters was 1.621 billion yuan, with a gross margin of 36.8% [1] - R&D expenses totaled 1.468 billion yuan, up 8.4% year-on-year, with an R&D expense ratio of 33.8%, down 8.9 percentage points [1] Product and Market Expansion - The number of benchmark users increased to 103, with an average revenue contribution of 25.49 million yuan per user, a growth of 71.4% [1] - The company launched ModelHub XC and the AI engine system EngineX, enhancing compatibility with domestic chips [2] - New AI applications are being explored in sectors such as energy, manufacturing, retail, and sports, indicating a long-term growth potential [2] Industry Positioning - Fourth Paradigm has maintained the largest market share in China's machine learning platform sector for seven consecutive years [3] - The company is well-positioned to capitalize on the digital transformation opportunities in various industries, particularly as data volumes increase [3] - The expected revenue for the company in 2025, 2026, and 2027 is projected to be 6.937 billion, 9.062 billion, and 11.797 billion yuan, respectively [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a revenue of 4.402 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 36.8%. The gross profit reached 1.621 billion yuan, with a gross margin of 36.8% [2][4]. - The company's R&D expenses amounted to 1.468 billion yuan, reflecting an 8.4% increase year-on-year, while the R&D expense ratio decreased by 8.9 percentage points to 33.8% [2][4]. - The enterprise-level Agent expansion has led to significant growth in the company's "Prophet AI" platform, which generated 3.692 billion yuan in revenue, a 70.1% increase year-on-year, accounting for 83.9% of total revenue [2][4]. Summary by Sections Business Performance - In Q3 2025, the company achieved a quarterly revenue of 1.78 billion yuan, a year-on-year increase of 31.4%. The demand for AI applications that deliver tangible business value has surged among enterprise clients, leading to the acquisition of new business opportunities across key industries such as energy, manufacturing, finance, and retail [8]. - The number of benchmark users increased to 103, with an average revenue contribution of 25.49 million yuan per user, marking a 71.4% year-on-year growth [8]. Product Development - The "Prophet AI" platform's revenue share continues to rise, with a reported 36.92 billion yuan in revenue for the first three quarters of 2025, up 70.1% year-on-year. The revenue from SHIFT intelligent solutions decreased by 12.5% to 6.02 billion yuan due to increased standardization in existing scene deliveries [8]. - The company has enhanced its core products and expanded downstream applications, launching ModelHub XC and the AI engine system EngineX, which are compatible with various domestic chips [8]. Market Position - The company is positioned as a leader in AI, benefiting from the ongoing penetration of AI across various industries. The potential for digital transformation in Chinese enterprises is significant, with traditional sectors like finance and automotive leading the way, while energy and manufacturing present substantial market opportunities [8]. - The company has maintained its position as the market leader in China's machine learning platform sector for seven consecutive years, with projected revenues of 6.937 billion, 9.062 billion, and 11.797 billion yuan for 2025-2027, reflecting a compound annual growth rate of approximately 30% [8].

Core Insights - The platform revenue is the main growth driver, achieving profitability for the first time in a single quarter. The company reported a revenue of 4.402 billion yuan for the first three quarters, a year-on-year increase of 36.8% [1] - In Q3 2025, the revenue reached 1.776 billion yuan, up 31.4% year-on-year. The "Prophet" platform continued to show high growth, generating 1.543 billion yuan in revenue for Q3 2025, a year-on-year increase of 67.6% [1] - The number of benchmark customers increased to 103, with a significant rise in average revenue per user (ARPU) to 25.49 million yuan, up 71.4% year-on-year [1] Revenue Breakdown - The "Prophet" platform accounted for 86.9% of total revenue in Q3 2025, compared to 68.1% in the same period last year [1] - The SHIFT intelligent solutions generated 231 million yuan in revenue for Q3 2025, a slight decline of 1.7% year-on-year, while AIGS revenue plummeted to 2 million yuan, down 99.1% year-on-year [1] R&D Efficiency - R&D expenses for the first three quarters amounted to 1.489 billion yuan, an increase of 8.4% year-on-year, with an R&D expense ratio of 33.8%, down 8.9 percentage points year-on-year [1] - Gross profit for the first three quarters was 1.621 billion yuan, reflecting a year-on-year increase of 20.1%, with a stable gross margin of 36.8% [1] Product Development - The company launched ModelHub XC and AI Engine EngineX on September 22, enhancing the synergy between domestic AI software and hardware. This supports multi-architecture and multi-model batch adaptation [2] - The company has made progress in AI applications in energy storage and stablecoin development [2] Investment Outlook - As an enterprise-level AI service provider, the company is positioned to benefit from top-down policy trends, with the trend of enterprise intelligence expected to accelerate over the next decade [2] - The company's enhanced adaptability among various AI infrastructure is expected to facilitate further commercialization [2] - The target price is maintained at 72.80 HKD with a "Buy" rating [2]

Investment Rating - The investment rating for the company is "Buy" with a target price of 72.80 HKD, maintaining the current rating [3][6]. Core Insights - The company achieved its first quarterly profit in Q3 2025, driven by platform revenue growth, with total revenue for the first three quarters reaching 44.02 billion RMB, a year-on-year increase of 36.8%. The Q3 revenue was 17.76 billion RMB, up 31.4% year-on-year [1]. - The "XianZhi" platform continued to show strong growth, generating 15.43 billion RMB in Q3 2025, a year-on-year increase of 67.6%, accounting for 86.9% of total revenue [1]. - The number of benchmark customers increased to 103, with a significant rise in average revenue per user (ARPU) to 25.49 million RMB, up 71.4% year-on-year [1]. - Research and development efficiency improved, with R&D expenses of 14.89 billion RMB for the first three quarters, a year-on-year increase of 8.4%, and an R&D expense ratio of 33.8%, down 8.9 percentage points year-on-year [1]. Financial Performance Summary - Revenue projections for the upcoming years are as follows: 2024A at 5,261 million RMB, 2025E at 7,181 million RMB, 2026E at 9,579 million RMB, and 2027E at 12,539 million RMB, reflecting growth rates of 25.13%, 36.50%, 33.41%, and 30.89% respectively [8]. - The company is expected to turn profitable with a projected net profit of 58 million RMB in 2025E, increasing to 802 million RMB by 2027E, with corresponding growth rates of 121.76% and 154.35% [8]. - The earnings per share (EPS) is projected to improve from -0.52 RMB in 2024A to 1.54 RMB in 2027E [8].

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].

Core Insights - The company reported a total revenue of 4.402 billion yuan for the first three quarters of 2023, representing a year-on-year growth of 36.8%, surpassing the growth rate of the same period last year [1] - Gross profit reached 1.621 billion yuan, with a year-on-year increase of 20.1%, and the gross margin stood at 36.8% [1] - The company achieved its first quarterly profit in Q3 2023, indicating a significant milestone [1] Revenue Breakdown - The core product, the Prophet AI platform, generated revenue of 3.692 billion yuan, reflecting a substantial year-on-year growth of 70.1% [1] - The demand for practical AI applications among enterprise clients has led to the acquisition of numerous new business opportunities across key industries such as energy, manufacturing, finance, and retail [1] R&D Investment - Research and development expenses amounted to 1.489 billion yuan, an increase of 8.4% year-on-year, with an R&D expense ratio of 33.8%, which is a decrease of 8.9 percentage points [1] - The company has optimized the efficiency of its R&D investments while maintaining technological leadership [1] Strategic Investments - The company has made significant investments in domestic computing power, holding over 9% of shares in GPU manufacturer Xiwang and strategically investing in another GPU manufacturer, TianShuZhiXin, through its subsidiary fund [2] - The launch of ModelHub XC and its core AI engine system, EngineX, aims to enable deep, efficient, and stable collaboration between domestic computing power and large models, maximizing the conversion of hardware computing potential into visible business value and efficiency improvements [2] - The platform has already certified hundreds of models, with plans to update the number of certified models to the thousands within six months [2]

Core Insights - The company reported a total revenue of 4.402 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 36.8%, significantly surpassing last year's growth rate [1] - Gross profit reached 1.621 billion yuan, with a year-on-year increase of 20.1%, indicating a notable improvement compared to the previous year's growth [1] - The gross profit margin stood at 36.8%, remaining stable, with the company achieving its first quarterly profit in Q3 [1] Business Expansion - The company has captured numerous new business opportunities across key industries such as energy, manufacturing, finance, and retail, driven by the urgent demand for practical AI applications from enterprise clients [1] - The core product, the Prophet AI platform, experienced explosive growth, generating 3.692 billion yuan in revenue, a year-on-year increase of 70.1%, which accelerated the company's overall performance [1] Investment in Domestic Computing Power - The company has invested in leading domestic GPU manufacturers, holding over 9% of Hangzhou Xiwang Chip Technology Co., and strategically investing in Shanghai Tensu Zhixin Semiconductor Co. through its subsidiary fund [2] - The launch of ModelHub XC and the core AI engine system EngineX aims to enable deep, efficient, and stable collaboration between domestic computing power and large models, maximizing the conversion of hardware computing potential into visible business value [2] - The platform has already certified over a hundred models, with plans to expand to thousands within six months and tens of thousands within a year [2] AI Software Era - The company is responding to the government's initiative to promote the integration of AI across various industries, marking the arrival of the AI-as-software era [3] - By utilizing an "AI Agent + World Model" approach, the company aims to simplify traditional business processes and software architectures, driving decision-making through a unified AI brain [3] - The company has achieved 103 benchmark users, with an average revenue contribution of 25 million yuan per user, reflecting a year-on-year growth of 71.4% [3] Consumer Electronics Development - The Phancy consumer electronics business has been actively developing AI capabilities in smart terminals, facilitating the transition of consumer electronics into consumer goods [4] - The company has launched AI smart glasses equipped with a 13-megapixel camera and is collaborating with brands like AOC to enhance AI-enabled wearable devices [4] - Future collaborations with diverse brands, including Lamborghini and Maserati, are planned to introduce co-branded products, showcasing the company's commitment to innovation in the AI space [4]

Group 1 - The company reported a revenue of 4.402 billion yuan for the first three quarters of the year, representing a year-on-year growth of 36.8% [1] - Gross profit reached 1.621 billion yuan, with a year-on-year increase of 20.1%, resulting in a gross margin of 36.8% [1] - The company achieved its first quarterly profit in the third quarter of this year [1] Group 2 - The company's core product, the AI platform, generated a revenue of 3.692 billion yuan in the first three quarters, marking a significant year-on-year growth of 70.1% [1] - The company has been expanding its customer base in key industries such as energy, manufacturing, finance, and retail due to increasing demand for practical AI applications [1] - Research and development expenses amounted to 1.489 billion yuan, reflecting an 8.4% year-on-year increase, while the R&D expense ratio decreased by 8.9 percentage points to 33.8% [1] Group 3 - The company has increased its investment in computing power by acquiring over 9% of domestic GPU manufacturer Xiwang and strategically investing in another domestic GPU company, TianShuZhiXin [2] - The launch of ModelHubXC and the core AI engine system EngineX aims to achieve deep, efficient, and stable collaboration between domestic computing power and large models [2] - The company introduced the "Virtual VRAM" expansion card, allowing single-card memory to be expanded to 256GB without hardware replacement, supporting large-scale AI tasks [2]