Fourth Paradigm (06682) announced its interim results for the six months ended June 30, 2025, reporting revenue of 2.626 billion yuan (RMB), representing a year-on-year increase of 40.71%. Gross profit reached 990 million yuan, up 25.38% year-on-year, while research and development expenses totaled 893 million yuan.

According to the announcement, during this period, the Group deepened its implementation and application of "AI agent + world model," effectively capturing AI transformation demands from enterprise clients in high-value scenarios. This drove the Group's core business, the "Fourth Paradigm Prophet AI Platform," to achieve approximately 71.9% year-on-year revenue growth, reaching 2.149 billion yuan and accounting for approximately 81.8% of the Group's total revenue.

The Group firmly believes that through continuous investment in technological innovation, the company will remain at the forefront of AI technology exploration and commercial implementation. Over the past six months, the company focused on the core technological path of "AI agent + world model," conducting comprehensive capability iterations of the Fourth Paradigm Prophet AI Platform across areas including agent development toolchain, intelligent agent framework, AI application matrix, and computing power and model resource scheduling. The goal is to build it into an infrastructure platform that enables enterprises to comprehensively benefit from AI, creating a new AI productivity system.

During this period, R&D expenses amounted to 893 million yuan, an increase of approximately 5.1% year-on-year. Meanwhile, the scale effect of R&D investment was fully demonstrated, with the R&D expense ratio at 34.0%, down 11.5 percentage points year-on-year.

During this period, the Group was excited to observe that the value path of "AI agent + world model" achieved comprehensive deployment among enterprise clients. The number of benchmark users reached 90, an increase of 4 compared to the same period last year. Average revenue per benchmark user was 17.98 million yuan, representing approximately 56.6% year-on-year growth. Behind this average revenue per user growth curve is a signal that the Fourth Paradigm Prophet AI Platform is rapidly becoming the AI productivity infrastructure for enterprises.