范式智能2025年年报

（於中華人民共和國註冊成立的股份有限公司） 股份代號: 6682 年 報2025 目錄 24514232959788486889092171174 執行董事 101A3303 非執行董事 A 獨立非執行董事 (1)(2) 33191910 H 職工代表董事(3) 1617 183434301-4307 (4)(4) 153232033209 公司資料 (5) 56 65 6682 www.4paradigm.com (1)20256 2620251219(2)202512 19(3)20256 26(4)20253 31(5)20251 212026126 主席報告 整體表現 2025 71.3535.6%+ 1,784—202220242025 1,0002089 IDC AI 2.0AI PlatformPaaS202565.5232.0%91.8%APIToken7,990129.2%Agentic AI5.0393.2% 一、AI Platform（PaaS，核心驅動力） PhanthyCloudHAMi vGPUModelHub XCSageAIOSOntologySHIFTAIGSAI +202565.5232.0%91.8%2025ModelHub XCHAMi vGPUPhanthyCloud ModelHub XC20259 22AIEngineXEngineX3MiniMaxGLMDeepseekKimi Open SoraHuggingFaceModelHub XCPhanthyCloudPhanthyCloudAI++ HAMi vGPUGPUHAMi-Core202510Kubernetes(DRA)GPU(DRA Driver)GPUGPUGPUCPUGPUGPU1%MB20259Virtual VRAMHAMi vGPUHAMi vGPU256GB10RTX 4090AIPhanthyCloudModelHub XCPhanthyCloudGPUPhanthyCloud PhanthyCloudAI PaaS++AIAIPhanthyCloudModelHub XCHAMi vGPUGPUAIPhanthyCloudPhanthyCloudTokenTokenTokenPhanthyCloud +AIAIAIAI •3•AIHAMi-CoreDRA• 二、API業務（Pay as you go，增速最快的增長驅動力） PhanthyPhanRouterPhanClawTokenToken PhanthyTokenBTokenCAICPhanthyCloudModelHub XCAPIBAIPhancyAI AgentAPIAIAITokenPhanthyAgentic AITokenAIToken PhanRouterAPIPhanthyCloudTokenOpenAIPhanthyPhanClawPhanRouterPhanthyCloudModelHub XC30000+TokenPhanthyCloudToken PhanClawTokenPhanthyPhanRouterTokenTokenTokenTokenTokenTokenPhanClawTokenTokenPhanClawPhanRouterPhanthyTokenToken++Token (Pay as you go)TokenAIOpenClawTokenAITokenAITokenTokenTokenTokenTokenPhanthyPhanRouterTokenToken20250.80129.2%1.1% Token •Token•TokenToken•Token 主席報告 三、Agentic AI業務（按結果付費） +AIAIAgentic AI20255.0393.2%7.1% AIAIAI AgentAI AIPlatformAPI •AI20+Agentic AI 2026AI PlatformAPIAgentic AIAIPlatformAPIAgentic AI APIOpenClawAPI2026Token2025 Agentic AIAI PlatformAPIAgentic AIAI Agent ++ 主席報告 ESGESGESGESGESGESGESG AIAIAI AI200 AI2025ESGAIAIESGAIAIAI for everyone 202571.35335.6%24.83434.8%2,63020242.42590.2%63020242.925 IDC 收入 AIAI PlatformAPIAgentic AI71.353202452.60735.6%AI Platform20251231AI Platform65.52232.0%91.8%API7,990129.2%1.1%Agentic AI503.293.2%7.1% AI Platform AI Platform65.522202449.65432.0%AI Platform2024123194.4%2025123191.8% API業務 API7,99020243,490129.2%API202412310.7%202512311.1%AI 管理層討論及分析 Agentic AI業務 Agentic AI5.03220242.60493.2%Agentic AI202412315.0%202512317.1% 銷售成本 (1)(2)(3)(4) 46.519202430.15854.2% 毛利及毛利率 202412 3122.44810.6%202512 3124.8342024123142.7%202512 3134.8% 銷售及營銷開支 2.05220242.68723.6% 行政開支 1.54420241.93320.2% 研發開支 23.374202421.6987.7% 信用減值損失撥備淨額 1,74020242.000 其他收入 (i)(ii) 9,62020241.201 其他收益或虧損淨額 (i)(ii)(iii)(iv) 12020241.117 經營虧損 1.33562.4%20243.551 財務收入 7,73049.1%20245,190 財務費用 10083.2%2024610 年度虧損 3,78020242.963 管理層討論及分析 非國際財務報告準則計量 經調整利潤╱（虧損）淨額 流動資金及財務資源 202512 312.4%4.0% 流動現金資源 2025123137.738202412 3123.010 流動資產淨額 2024123131.9282025123153.833 資本管理及資本負債比率 202512312.7%202412 310.1% 資本承擔 202412 31400 或有負債 20251231 資產抵押 2025123150 外匯風險管理 202512 31 信用風險 90 管理層討論及分析 資金及營運資金管理 20239 26390,000,0003202512 31202512314044.3% (1)該投資相關的基本情況： 202512 3 (2)該基金於報告期內的表現： 管理層討論及分析 (3)本公司就該投資的投資戰略： 20251231390,000,000 H 2025250.2027,920,0001,393,930,000493,778,733294,909,496H198,869,2372025272025213 H 20257 1725,900,000H50.501,307,950,0001,306.18202581420257172025814 成立合資公司 20258 4AI19%202584 Beijing Fourth Paradigm Technology Co., Ltd.Phancy Group Co., Ltd.20261 72026313 HFOURTH PARADIGMPHANCY20261202026320 2025121202512 1920261 1220261 1420262 42026317202632020251232026115 202612039.58%278,363,000202612084.58% 董事及高級管理層 4220151201582021716 17200952013520253 NIPSICMLAAAI KDD200542005ACM77 200672009320206 38201532017122021716 20124201452014520153 2009720123 39201852021220217 16 201112012320123(Bank of America Merrill Lynch)2014420188 2008720101020106 642014112014112017122016112021716 1995920048(Simon Fraser University)1989919958(University of Waterloo)2001820126201411202382016122018420185CHL941202512251320126201410201842025320254AI 1982719845198712(University of Maryland, College Park)19898 20172019(IJCAI)(AAAI)20192021AAAI(IEEE)(AAAS)(IAPR)(AAAI)(ACM)(CAAI)2021CAERSC 董事及高級管理層 36202122021716 20161020146201610J.P. Morgan Securities (Asia Pacific) Limited 2012720146 44202122021716 20106 2003720057 47 2320259202042023918102017122020420017201711 2219CAI00080603195301336 20017201092013320072 6320217 16 20026218202462014320185201912000671201852022839222 198571997620167 44 202152012120161201632021520198 200372006920071020091220157 董事及高級管理層 45 2022122023720258201011201411(A*STAR)201411202212201811202410AI202320212015(A*STAR) 2003200520112018IEEE IntelligentSystemsAI2025 45201510200782014120141201510 2003720077 42 38 39 39201532016112021720241 20114201462015320146 2008720113 462024 200420082011201120249603000.SH603533.SH002174.SZ000681.SZ 2002720047 董事會報告 18 20251231 20251231 2025123125 20251231 20239284 202512 31201,88320251231