Beijing Fourth Paradigm Technology Co. Ltd. Class H (HK:6682)
:6682
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Beijing Fourth Paradigm Technology Co. Ltd. Class H
(6682)
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Rating:48Neutral
Price Target:
HK$33.00
▼(-36.72% Downside)
Action:Reiterated
Date:05/01/26
The score is primarily constrained by persistent cash burn and still-negative operating profitability despite solid 2025 revenue growth and a much stronger, low-leverage balance sheet. Technicals also weigh on the score as the stock trades below major moving averages with weak momentum, while valuation is difficult to support due to a negative P/E and no dividend yield data.
Positive Factors
Low Financial Leverage
Very low debt-to-equity (~0.03) and materially stronger equity provide durable financial resilience. This reduces default and refinancing risk, preserves capacity to fund product development or strategic investments, and gives runway while the company continues its path toward operating profitability.
Negative Factors
Persistent Cash Burn
Consistently negative operating and free cash flow (OCF -616M; FCF -876M in 2025) signals ongoing cash consumption. This raises reliance on external funding or equity, constrains discretionary investment, and creates execution risk until sustainable positive operating cash flow is achieved over the coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Low Financial Leverage
Very low debt-to-equity (~0.03) and materially stronger equity provide durable financial resilience. This reduces default and refinancing risk, preserves capacity to fund product development or strategic investments, and gives runway while the company continues its path toward operating profitability.
Read all positive factors
Beijing Fourth Paradigm Technology Co. Ltd. Class H (6682) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$18.74B
Dividend YieldN/A
Average Volume (3M)5.07M
Price to Earnings (P/E)―
Beta (1Y)1.21
Revenue Growth35.98%
EPS Growth90.09%
CountryHK
Employees967
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.40
Shares Outstanding359,609,500
10 Day Avg. Volume5,201,595
30 Day Avg. Volume5,069,390
Financial Highlights & Ratios
PEG Ratio8.28
Price to Book (P/B)2.63
Price to Sales (P/S)2.77
P/FCF Ratio-22.56
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.03
Revenue Forecast (FY)HK$9.60B
Beijing Fourth Paradigm Technology Co. Ltd. Class H Business Overview & Revenue Model
Company Description
Phancy Group Co., Ltd. engages in the provision of platform-centric artificial intelligence (AI) solutions and leverage core technologies to develop end-to-end enterprise-class AI products. It serves the finance, retail, manufacturing, energy and ...
How the Company Makes Money
The company primarily makes money by selling enterprise AI software and related services to corporate and institutional customers. Key revenue streams typically include: (1) Software platform and product revenues: fees from licensing or subscribin...
Beijing Fourth Paradigm Technology Co. Ltd. Class H Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
74
Positive
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.02B | 7.14B | 5.26B | 4.20B | 3.08B | 2.02B |
| Gross Profit | 2.45B | 2.48B | 2.24B | 1.98B | 1.49B | 953.48M |
| EBITDA | -161.29M | -107.19M | -318.20M | -418.66M | -1.06B | -1.24B |
| Net Income | -184.16M | -26.27M | -268.79M | -908.72M | -1.64B | -1.80B |
Balance Sheet | ||||||
| Total Assets | 7.76B | 9.30B | 7.59B | 7.15B | 6.72B | 6.45B |
| Cash, Cash Equivalents and Short-Term Investments | 2.73B | 3.21B | 1.89B | 3.03B | 2.66B | 3.85B |
| Total Debt | 18.56M | 213.53M | 28.36M | 154.63M | 144.59M | 54.12M |
| Total Liabilities | 1.50B | 1.79B | 2.52B | 1.69B | 8.18B | 6.70B |
| Stockholders Equity | 6.28B | 7.53B | 5.06B | 5.35B | -1.57B | -351.02M |
Cash Flow | ||||||
| Free Cash Flow | -457.03M | -876.47M | -650.31M | -1.04B | -795.11M | -791.15M |
| Operating Cash Flow | -439.15M | -616.44M | -622.00M | -998.58M | -779.59M | -770.01M |
| Investing Cash Flow | 138.78M | -862.29M | -474.17M | 723.41M | 822.39M | -3.20B |
| Financing Cash Flow | 622.33M | 2.57B | -30.93M | 930.72M | -9.01M | 4.21B |
Beijing Fourth Paradigm Technology Co. Ltd. Class H Technical Analysis
Negative
52.15
Price Trends
37.42
Negative
42.01
Negative
48.33
Negative
Market Momentum
-1.11
Positive
37.13
Neutral
2.96
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:6682, the sentiment is Negative. The current price of 52.15 is above the 20-day moving average (MA) of 37.09, above the 50-day MA of 37.42, and above the 200-day MA of 48.33, indicating a bearish trend. The MACD of -1.11 indicates Positive momentum. The RSI at 37.13 is Neutral, neither overbought nor oversold. The STOCH value of 2.96 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:6682.
Beijing Fourth Paradigm Technology Co. Ltd. Class H Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | HK$5.32B | 4.97 | 6.30% | 3.47% | -5.00% | -79.97% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | HK$28.45B | 56.51 | 1.71% | ― | 12.11% | ― | |
54 Neutral | HK$35.53B | -35.61 | -13.37% | ― | 22.96% | 56.71% | |
48 Neutral | HK$18.74B | ― | -2.00% | ― | 35.98% | 90.09% | |
43 Neutral | HK$78.29B | -75.34 | -7.19% | ― | 33.04% | 62.73% | |
42 Neutral | HK$87.47B | -5.53 | -89.49% | ― | 57.94% | -523.96% |
* Technology Sector Average
HK:6682
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Beijing Fourth Paradigm Technology Co. Ltd. Class H Corporate Events
Phancy Group Strikes AI Joint Venture and Equity Deal With Huanxi Media
May 19, 2026
Phancy Group Co., Ltd. has entered a strategic cooperation framework with Huanxi Media Group Limited to form a joint venture that combines Phancy’s AI capabilities with Huanxi’s strengths in film and television. The partnership will ex...
Phancy Group Scraps H-Share Full Circulation Plan After Shareholder Request
May 8, 2026
Phancy Group Co., Ltd., formerly Beijing Fourth Paradigm Technology Co., Ltd., is a joint stock company in the PRC with limited liability, listed in Hong Kong under stock code 6682 and issuing H shares to international investors. Its governance st...
Phancy Group to Spend RMB400 Million on GPU Servers to Scale AI API Business
Apr 29, 2026
Phancy Group Co., Ltd. has announced plans to purchase GPU servers and related accessories for a total consideration of RMB400 million, in a move aimed at expanding its computing capacity. The new servers will be deployed for model inference and t...
Phancy Group Completes HK$40.36 H-Share Placement to Expand Capital Base
Apr 29, 2026
Phancy Group Co., Ltd. has completed a placing of new H shares under its general mandate, reinforcing its access to equity financing through the Hong Kong market. The transaction involved the successful placement of 38,800,000 H shares at HK$40.36...
Phancy Group to Raise HK$1.56 Billion via Discounted H-Share Placement
Apr 22, 2026
Phancy Group Co., Ltd. has entered into a placing agreement with a syndicate of placing agents to issue up to 38.8 million new H shares at HK$40.36 each under its existing general mandate. The placing shares represent about 12.09% of issued H shar...
Phancy Group Grants 4.12 Million Employee Share Options Under Hong Kong Scheme
Apr 1, 2026
Phancy Group has granted 4,120,000 share options to five employees under its share option scheme adopted in September 2024, with each option giving the right to subscribe for one H share at an exercise price of HK$37.34. The options vest in four e...
Phancy Group Turns Profitable as Revenue Surges on AI Platform and New Growth Engines
Mar 30, 2026
Phancy Group reported a strong set of 2025 annual results, with revenue rising 35.6% year on year to a record RMB7.135 billion, far outpacing the industry average. Supported by China’s “AI+” policy and domestic substitution deman...
Phancy Group Starts Shenzhen A-Share IPO Preparations After CSRC Tutoring Nod
Mar 25, 2026
Phancy Group Co., Ltd. has begun formal preparations for a proposed initial public offering of renminbi-denominated ordinary shares on the Shenzhen Stock Exchange, marking a potential dual-listing alongside its existing Hong Kong presence. The Bei...
Phancy Group Unveils New Logo With No Impact on Shareholder Rights
Mar 20, 2026
Phancy Group Co., Ltd., a Hong Kong–listed Chinese technology company formerly known as Beijing Fourth Paradigm Technology Co., Ltd., has updated its corporate branding with a new company logo effective March 20, 2026. The new logo will appe...
Phancy Group Finalizes Chinese Name Change Without Affecting Shareholder Rights
Mar 17, 2026
Phancy Group Co., Ltd., formerly Beijing Fourth Paradigm Technology Co., Ltd., has officially changed its registered Chinese name on the mainland and in Hong Kong while keeping its English name, stock code 6682 and H-share trading short name uncha...
Phancy Group Sets March 30 Board Meeting to Approve 2025 Annual Results
Mar 17, 2026
Phancy Group Co., Ltd. has scheduled a board meeting for March 30, 2026, to review and approve the group’s annual results for the financial year ended December 31, 2025, and to authorize their release. The meeting will also address other uns...
Phancy Group Defends Business Outlook as AI Fears Hit Share Price
Feb 25, 2026
Phancy Group moved to reassure investors after a sharp decline in its share price, saying recent market speculation that large language models could disrupt traditional software models has been misinterpreted in relation to its business. The board...
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This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.