On March 30, Paradigm Intelligent Technology Group Co., Ltd. (PHANCY, 6682.HK) released its performance announcement for the year 2025, reporting total revenue of 7.135 billion yuan, a year-on-year increase of 35.6%; gross profit of 2.483 billion yuan, a year-on-year increase of 10.6%; a net loss of 26.3 million yuan, a year-on-year narrowing of 90.2%; and adjusted net profit attributable to the parent company of 17.84 million yuan, achieving a turnaround to profit; R&amp;D investment was 2.337 billion yuan, a year-on-year increase of 7.7%.
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All three core businesses of Paradigm Intelligent achieved significant growth.
Specifically, the AI platform business, priced based on computing power, generated revenue of 6.552 billion yuan, a year-on-year increase of 32.0%, accounting for 91.8% of total revenue; the API (Application Programming Interface) business, based on token usage payment model, generated revenue of 79.9 million yuan, a year-on-year increase of 129.2%, accounting for 1.1% of total revenue; and the Agentic AI business, centered on a &#34;pay-per-result&#34; model, generated revenue of 503 million yuan, a year-on-year increase of 93.2%, accounting for 7.1% of total revenue.
&#34;What is most lacking now is not the model, but the digital labor force that can directly save or earn money,&#34; said Paradigm Intelligent founder Dai Wenyuan at the earnings conference. &#34;We are exploring the transition from 'selling software' to 'sharing dividends,' linking AI Agents directly to the business outcomes of enterprises or clients, thereby 'binding' revenue to client business growth.&#34;
Regarding the classification of Paradigm Intelligent's three core businesses this year, it is completely different from the previous classifications of Prophet AI Platform, SHIFT Intelligent Solutions, and Shishuo AIGS Services that the company had been using. Dai Wenyuan stated that this adjustment in business classification is due to the development of AI technology and the resulting market changes, with the company's strategy evolving from a single-point breakthrough to a full-stack ecosystem, while the company's business layout is beginning to reflect on the revenue side.
&#34;This is not just a reclassification of the financial report, but also a deep reflection and layout of the company's commercialization path in the AI 2.0 era,&#34; Dai Wenyuan pointed out. &#34;The increase in the proportion of the AI platform centered on the Prophet platform confirms the success of the company's standardized and scaled strategy in previous years, and this business currently demonstrates a high degree of certainty.&#34;
According to Dai Wenyuan, thanks to the rapid expansion of the customer base and high repurchase rates, the company's order backlog has accumulated to approximately 9 billion yuan, exceeding the total revenue for the year 2025.
Paradigm Intelligent stated that with the surge in demand for computing power and models brought about by phenomenon-level applications like OpenClaw &#34;Lobster,&#34; the API business is showing exponential growth, and it is expected that international business revenue in this sector will achieve several times growth in the coming year. Meanwhile, the Agentic AI business will further delve into core business areas of clients this year, focusing on core scenarios such as electricity spot trading and medium-to-long-term electricity trading, to create a full-link AI solution for &#34;prediction - decision-making - risk control - review.&#34;
Currently, it has been implemented in multiple pilot provinces for electricity and has gained recognition from core customers, accelerating its promotion and application in more industries such as manufacturing and finance.
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PHANCY's strategic transformation can be seen from specific expenditures. The most noticeable change in expenditures is that in 2025, the cost of cloud services and other technical services is expected to be 724 million yuan, a year-on-year increase of over two times; at the same time, the cost of sold finished products is 4.047 billion yuan, nearly doubling year-on-year, while depreciation and amortization is 12.075 million yuan, a year-on-year decrease of 46.09%; employee benefits expenditure is 232 million yuan, nearly halved year-on-year, and share-based payment expenditure (i.e., share payment costs, such as employee equity incentives) is 44.108 million yuan, a year-on-year increase of over 10 times.
Regarding future key investment directions, Chen Yuqiang, co-founder and chief scientist of PHANCY, stated at the earnings conference that the company will continue to invest and mass-produce more expert models in vertical fields, and solve most of the collaboration issues of AI Agents. He mentioned that this year OpenClaw has become popular, and everyone has started &#34;farming shrimp,&#34; with many people having dozens or even hundreds of &#34;lobsters,&#34; experiencing the convenience brought by AI. However, in the future transformation of enterprise intelligence, the real challenge lies in how to manage and utilize digital employees on a large scale. How to enable clusters of digital intelligent agents to collaborate in solving problems and build an AI digital workforce command system is also one of the important investment directions for PHANCY in the future.
Dai Wenyuan stated that looking ahead to 2026, the company will continue to deepen its four strategic directions. In the layout of AI 2.0, with &#34;AI for Everyone&#34; as the core concept, it focuses on underlying technology research and scene implementation, improving the full-link technology system, lowering the threshold for AI applications, and benefiting more enterprises and users; in accelerating the implementation of industrial-grade AI Agents, with &#34;pay for results&#34; as the core model, it deepens its layout in key areas such as energy and finance, creating replicable and promotable industry solutions to enhance business scale and profitability; in international expansion, it continues to strengthen cooperation with overseas brands and channels, building a solid overseas operation system to support global business layout; in the consumer market, it focuses on core consumer needs, launching high-experience intelligent terminal products, further expanding user coverage, and building a &#34;technology + market&#34; dual-driven growth pattern.
As of the close on March 30, PHANCY's stock price was 36.46 HKD/share, down 2.25%

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PHANCY Technology Group Co., Ltd. released its performance announcement for the year 2025, with total revenue of 7.135 billion yuan, a year-on-year increase of 35.6%; gross profit of 2.483 billion yuan, and a net loss of 26.3 million yuan, a year-on-year narrowing of 90.2%. API business revenue was 79.9 million yuan, a year-on-year increase of 129.2%. Founder Dai Wenyuan stated that the company's strategy has evolved from a single-point breakthrough to a full-stack ecosystem, and the adjustment in business scope reflects the market changes brought about by the development of AI technology

PHANCY's revenue increased by 30% last year: API business revenue grew by 1.3 times, and international business is expected to grow several times