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]

立足 AI 软硬协同，2025Q3 首次单季盈利 第四范式（6682.HK）2025 三季报点评 ⚫ 核心观点 平台化收入贡献核心增长动能，首次实现单季盈利。第四范式前三季度营收 44.02 亿元，同比+36.8%；单季营收 17.76 亿元，同比+31.4%。先知平台收入 延续同比高增速，2025Q3 实现收入 15.43 亿元，同比+67.6%（去年同期为 33.5%， 前期为 79.6%），占比达 86.9%（去年同期为 68.1%，前期为 86.8%）。SHIFT 智 能解决方案 2025Q3 实现收入 2.31 亿元，同比-1.7%，AIGS 收入录得 0.02 亿 元，同比-99.1%。2025 前三季度标杆客户数为 103 个，同比增长 5 个，标杆客 户 ARPU 显著提升至 2549 万元，同比+71.4%。 研发投入产出效率提升：前三季度研发费用为 14.89 亿元，同比+8.4%，研发费 用率为 33.8%，同比-8.9pp。前三季度实现毛利 16.21 亿元，同比+20.1%，毛 利率为 36.8%保持相对平稳。 近 1 年股价走势 分析师 -30% -14% 2% 18% 34% 5 ...

Core Insights - The company achieved a significant revenue growth of 37% year-on-year, with total revenue reaching RMB 44.02 billion for Q1-Q3 2025, and a single-quarter revenue of RMB 17.76 billion in Q3 2025, marking a 31% year-on-year increase [1] - The company recorded its first quarterly profit due to cost optimization, despite a decline in gross margin to 36.8% from 37.7% in H1 2025, primarily driven by the high growth of the AI platform [1] - The company is committed to R&D investment, with R&D expenses amounting to RMB 14.89 billion for Q1-Q3 2025, reflecting an 8.4% year-on-year increase, although the R&D expense ratio decreased by 8.9 percentage points [1] Customer and Market Expansion - The number of benchmark customers (top 500 global companies) increased to 103, with an average revenue contribution of RMB 25.49 million per customer, up 71% year-on-year [2] - The company has expanded its customer base across key industries such as energy, manufacturing, finance, and retail [2] - The launch of ModelHub XC and AI engine EngineX supports mainstream domestic computing power and various models, with plans to significantly increase the number of certified models in the coming year [2] Product Development and Future Outlook - The company introduced the Phancy business featuring AI smart glasses equipped with a 13-megapixel camera, with plans for future collaborations with celebrity personal brands [3] - The company maintains a "buy" rating, projecting revenues of RMB 68.52 billion, 88.19 billion, and 112.26 billion for 2025-2027, with year-on-year growth rates of 30%, 29%, and 27% respectively [3] - Expected net profit for the same period is projected to be RMB 0.55 billion, 2.82 billion, and 5.68 billion, with significant growth anticipated [3]

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company's revenue growth has exceeded expectations, achieving its first quarterly profit [7]. - The gross profit margin has declined due to the high growth of the "XianZhi" platform, which has a lower margin but benefits from high standardization for rapid market penetration [7]. - The company continues to invest in R&D, with an increase in efficiency, while the number of benchmark clients and average revenue per user (ARPU) has consistently improved [7]. Financial Data and Profit Forecast - Revenue projections for 2023 to 2027 are as follows: - 2023: 4,204 million RMB - 2024: 5,261 million RMB - 2025E: 6,852 million RMB - 2026E: 8,819 million RMB - 2027E: 11,226 million RMB - The expected growth rates for revenue are 36.38% in 2023, 25.13% in 2024, and around 30% for 2025 [6][8]. - The company is projected to turn profitable in 2025, with a net profit of 55 million RMB, followed by significant growth in subsequent years [6][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].

责任编辑：杨赐 在研发投入方面，期内公司研发费用为14.89亿元，同比增加8.4%，研发费用率为33.8%，同比下降8.9 个百分点，在保持技术持续领先的同时，大幅优化研发投入产出效率。 期内，公司深入投资布局国产算力：一方面，公司投资持有GPU厂商曦望超过9%股份，也通过公司旗 下基金战略投资了GPU厂商天数智芯；另一方面，针对产业空白，公司推出ModelHub XC及其底层核心 的AI引擎体系EngineX，旨在让国产算力与大模型实现深度、高效、稳定地协同适配，从而将硬件的算 力潜能真正、无损地转化为企业可见的业务价值与效率提升，最大化释放融合价值。现阶段，平台已经 适配认证过的模型数量就有上百个；半年内，适配认证的模型数量将陆续更新至千数级。（文猛） 新浪科技讯 11月13日上午消息，范式集团发布2025年前三季度业绩公告。今年前三季度，公司总收入 44.02亿元，同比增长36.8%，超去年同期增速；毛利润16.21亿元，同比增长20.1%，较去年同期增速提 升；毛利率为36.8%，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 ...

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36.92亿元，同比增长70.1%，驱动公司业绩实现二次加速。 加速应用端市场爆发 公告期间，范式深入投资发展国产算力——这一新时代的"石油"：一方面，公司投资持有国产领先GPU 厂商杭州曦望芯科智能科技有限公司超过9%的股份，也通过公司旗下基金战略投资了另一家国产领先 GPU厂商上海天数智芯半导体股份有限公司；另一方面，针对产业空白，公司推出ModelHub XC及其底 层核心的AI引擎体系EngineX，旨在让国产算力与大模型实现深度、高效、稳定的协同适配，从而将硬 件的算力潜能真正、无损地转化为企业可见的业务价值与效率提升，最大化释放融合价值。 现阶段，平台已经适配认证过的模型数量就有上百个；半年内，适配认证的模型数量将陆续更新至千数 级；一年内，达到十万数级；后续更将持续保持这一更新速度。目前平台已适配的信创算力包括：华为 昇腾、寒武纪、天数智芯、昆仑芯、沐曦和曦望等，未来将覆盖市面所有 ...

云原生调度上，第四范式基于Kubernetes v1.34的GPU动态调度能力，实现算力与显存一体化精细调 度。开源项目HAMi-Core与DRA深度适配，推出GPU动态资源驱动，推动云原生算力管理升级，大幅降 低使用门槛。 市场判断，AI即软件的时代已然到来。公司针对传统碎片化的软件市场格局，通过AI Agent+世界模型 的一站式能力，打破企业传统业务流程与业务软件架构中不必要的复杂及冗余，让未来企业的生产经营 决策由一个统一的AI大脑驱动。在AI+稳定币、AI+储能等新领域持续推进的同时，公司还于近期发布 AI+体育战略解决方案，以网球运动为切入点，打造AI+体育标杆，未来将推广至羽毛球、乒乓球等运 动，助力竞技训练创新与全民健身数字化升级，还将通过打通运动数据模型与穿戴设备，构建"场地端- 对抗端-个人端"全场景数据闭环，实现多终端协同，为业余运动者提供科学训练支持，为场馆和教练提 供数据化运营工具，推动全民运动普惠发展。 这离不开公司长期坚持在平台上探索并沉淀全栈式的AI技术及功能模块。本期间研发费用14.89亿元， 同比增加8.4%，研发费用率为33.8%，同比下降8.9个百分点，在保持技术持续领 ...