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Beijing Fourth Paradigm Technology Co. Ltd. Class H
(6682)
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Rating:49Neutral
Price Target:
HK$25.00
â–¼(-52.06% Downside)
Action:Reiterated
Date:06/25/26
The score is held back primarily by ongoing cash burn (negative operating and free cash flow) and still-negative operating profitability despite improving net losses. Technicals also remain weak with the stock trading below key moving averages and negative MACD. Offsetting these risks, revenue growth remains solid and the balance sheet looks resilient with very low leverage and improved equity.
Positive Factors
Revenue Growth
Sustained 15.4% YoY revenue growth in 2025 signals ongoing demand for the company's enterprise AI offerings. Durable top-line expansion across years supports scale advantages, platform adoption, and opportunity for multi-year contracts and upsells that can drive longer-term margin and cash-flow improvement.
Negative Factors
Negative Operating & Free Cash Flow
Consistently negative operating and free cash flow (OCF -616M; FCF -876M in 2025) means the business consumes cash to grow. That structural cash burn increases reliance on external funding or equity, constrains reinvestment capacity, and raises execution risk until sustainable positive operating cash generation is achieved.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained 15.4% YoY revenue growth in 2025 signals ongoing demand for the company's enterprise AI offerings. Durable top-line expansion across years supports scale advantages, platform adoption, and opportunity for multi-year contracts and upsells that can drive longer-term margin and cash-flow improvement.
Read all positive factors
Beijing Fourth Paradigm Technology Co. Ltd. Class H (6682) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$13.39B
Dividend YieldN/A
Average Volume (3M)5.07M
Price to Earnings (P/E)―
Beta (1Y)1.35
Revenue Growth35.98%
EPS Growth90.09%
CountryHK
Employees967
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.40
Shares Outstanding359,423,400
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 Target
HK$56.45Price Target Upside8.24% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.1
Revenue Forecast (FY)HK$9.88B
Beijing Fourth Paradigm Technology Co. Ltd. Class H Business Overview & Revenue Model
Company Description
Phancy Group Co., Ltd. is dedicated to providing platform-centric artificial intelligence (AI) solutions. The company leverages its core technologies to create comprehensive, enterprise-grade AI products that serve a diverse range of industries. T...
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 | -678.02M | -876.47M | -650.31M | -1.04B | -795.11M | -791.15M |
| Operating Cash Flow | -658.49M | -616.44M | -622.00M | -998.58M | -779.59M | -770.01M |
| Investing Cash Flow | 277.55M | -862.29M | -474.17M | 723.41M | 822.39M | -3.20B |
| Financing Cash Flow | 1.24B | 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
33.00
Negative
36.48
Negative
44.57
Negative
Market Momentum
-2.42
Positive
31.06
Neutral
8.47
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 27.85, above the 50-day MA of 33.00, and above the 200-day MA of 44.57, indicating a bearish trend. The MACD of -2.42 indicates Positive momentum. The RSI at 31.06 is Neutral, neither overbought nor oversold. The STOCH value of 8.47 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$4.20B | 38.68 | 6.30% | 3.47% | -5.00% | -79.97% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | HK$21.89B | 132.71 | 1.75% | ― | 12.11% | ― | |
49 Neutral | HK$13.39B | -355.64 | -0.42% | ― | 35.98% | 90.09% | |
48 Neutral | HK$21.62B | -17.43 | -12.16% | ― | 31.44% | 56.19% | |
46 Neutral | HK$62.91B | -5.23 | -85.39% | ― | 57.94% | -523.96% | |
45 Neutral | HK$55.86B | -23.55 | -7.21% | ― | 33.04% | 62.73% |
* Technology Sector Average
HK:6682
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Beijing Fourth Paradigm Technology Co. Ltd. Class H Corporate Events
Phancy Group’s RSU Trustee Steps Up H‑Share Purchases Amid Confidence in AI Prospects
Jun 24, 2026
Phancy Group has disclosed that the trustee of its H‑Share restricted share unit scheme has been buying the company’s H shares on the open market, citing management’s view that the current share price undervalues its long‑t...
Phancy Group Buys Back H Shares for RSU Scheme to Bolster AI Talent Strategy
Jun 18, 2026
Phancy Group Co., Ltd. has authorized its independent trustee to buy back H shares on the open market under its H-Share RSU Scheme, citing what it sees as an undervalued share price and confidence in the company’s long-term growth prospects....
Phancy Group Wins Shareholder Backing for Capital Mandates and Governance Changes at 2026 AGM
Jun 16, 2026
Phancy Group Co., Ltd. reported that shareholders approved all ordinary and special resolutions at its annual general meeting held on June 16, 2026, including the 2025 annual report, board and financial reports, profit distribution plan, re-appoin...
Phancy Group Calls EGM to Approve ChiNext A-Share IPO Framework
Jun 10, 2026
Phancy Group Co., Ltd. has called its 2026 second extraordinary general meeting for June 26 in Beijing to seek shareholder approval for a proposed initial public offering of A shares and a listing on the ChiNext Market of the Shenzhen Stock Exchan...
Phancy Group Sets Formal Terms for Board Nomination Committee to Strengthen Governance
Jun 9, 2026
Phancy Group Co., Ltd. has formalized detailed terms of reference for its board-level nomination committee, setting out its role in regulating the selection and appointment of directors and senior management and in optimizing board composition. Th...
Phancy Group Tightens Governance With Expanded Audit Committee Mandate
Jun 9, 2026
Phancy Group Co., Ltd. has formalised detailed terms of reference for its audit committee, a standing body under the board tasked with overseeing financial reporting, internal and external audits and the effectiveness of risk management and intern...
Phancy Group Sets Up Remuneration and Appraisal Committee to Bolster Governance
Jun 9, 2026
Phancy Group Co., Ltd. has established a Remuneration and Appraisal Committee under its board to enhance its remuneration management system and corporate governance framework in line with Chinese company and securities laws and Hong Kong listing r...
Phancy Group Plans ChiNext A-Share IPO and Governance Overhaul
Jun 9, 2026
Phancy Group Co., Ltd., previously Beijing Fourth Paradigm Technology Co., Ltd., is a PRC-based joint stock technology company with limited liability whose shares are listed in Hong Kong. The firm now aims to broaden its investor base and tap dome...
Phancy Group Sets Out Board Line-Up and Governance Committees
Jun 9, 2026
Phancy Group Co., Ltd., formerly Beijing Fourth Paradigm Technology Co., Ltd., has outlined the current composition of its board, which includes executive, non-executive, independent non-executive and an employee representative director, underscor...
Phancy Group Sets June 2026 EGM and Closes H-Share Register
Jun 8, 2026
Phancy Group Co., Ltd., a joint stock company incorporated in the PRC and listed in Hong Kong under stock code 6682, has rebranded from its former name Beijing Fourth Paradigm Technology Co., Ltd. The company issues H shares and is governed by a d...
Phancy Group Moves to Convert Domestic Shares to Hong Kong-Listed H Shares
Jun 2, 2026
Phancy Group Co., Ltd. has approved a plan to convert 53,157,667 domestic unlisted shares, held by its controlling shareholder and other investors, into H shares for trading in Hong Kong. The shares earmarked for conversion represent about 9.52% o...
Phancy Group Revises Capital Structure and Board Size After H-Share Issuance
May 26, 2026
Phancy Group Co., Ltd. plans to amend its articles of association to align its registered capital and share structure with recent equity transactions, including the issuance of 25.9 million H shares in August 2025, a placement of 38.8 million H sh...
Phancy Group Details Board Composition and Committee Roles After Name Change
May 26, 2026
Phancy Group Co., Ltd., a PRC-incorporated joint stock company listed in Hong Kong under stock code 6682, has disclosed the current composition of its board, which comprises executive, non-executive, independent non-executive, and an employee repr...
Phancy Group Grants 4.2 Million Share Options to Key Employees
May 26, 2026
Phancy Group has granted 4.2 million share options to seven employees under its share option scheme adopted in September 2024, with each option exercisable into one H share at HK$33.42, matching the market closing price on the grant date. The opti...
Phancy Group Sets June 2026 AGM to Seek Key Capital and Governance Mandates
May 26, 2026
Phancy Group Co., Ltd. has called its annual general meeting for 16 June 2026 in Beijing, where shareholders will review and vote on the company’s 2025 annual report, board report, financial statements and profit distribution plan. Investors...
Phancy Group Posts Surging Q1 AI Demand and Strikes Major Video Token Deal
May 22, 2026
Phancy Group reported strong first-quarter 2026 results, with revenue rising 35.4% year on year to about RMB1.458 billion and a gross margin of 35.1%, driven by rapid growth in market demand and a surge in customer Token call volumes. API Token us...
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...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
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.