Core Insights - The article highlights the emergence of "Physical AI" as a national strategic core productivity in China's technology industry, driven by the integration of artificial intelligence and humanoid robotics [1] - The company Wuyi Vision (6651.HK) is positioned as a crucial player in the Physical AI ecosystem, leveraging its self-developed technology and strategic partnerships to support this transformation [1] Group 1: Technology and Innovation - The core technology of Physical AI focuses on overcoming the Sim-to-Real conversion bottleneck, enabling low-cost, large-scale training and validation of AI models in virtual environments [2] - Wuyi Vision has developed the 51Sim platform, which provides a high-fidelity Sim-to-Real training environment, establishing a significant technological barrier comparable to NVIDIA's Omniverse and Cosmos platforms [2] Group 2: Strategic Partnerships and Ecosystem - Wuyi Vision has created a comprehensive Physical AI ecosystem with a full chain from synthetic data to simulation training platforms, successfully implementing benchmark cases in various sectors such as smart driving and smart factories [3] - The company's shareholder structure includes prominent players like Moore Threads and SenseTime, which enhances its capabilities in computational power and visual algorithms, solidifying its position as a foundational infrastructure provider in the Physical AI domain [3] Group 3: Market Position and Valuation - Wuyi Vision has achieved a leading position in China's digital twin solutions market, with projected revenues exceeding 250 million HKD in 2024, making it the first company in the industry to reach this scale [4] - The current market valuation of Wuyi Vision at 18 billion HKD presents a compelling value proposition compared to global AI leaders, indicating potential for significant value re-evaluation amid favorable policy and industry dynamics [4]

北京五一視界數字孿生科技股份有限公司 章 程 2025 年 1 2 月 （H股發行上市後適用） | 目錄 | | --- | | 第一章 總則 | 2 | | --- | --- | | 第二章 經營宗旨和範圍 | 3 | | 第三章 股份 | 4 | | 第一節 股份發行 | 4 | | 第二節 股份增減和回購 | 7 | | 第三節 股份轉讓 | 8 | | 第四章 股東和股東會 | 10 | | 第一節 股東 | 10 | | 第二節 股東會的一般規定 | 15 | | 第三節 股東會的召集 | 18 | | 第四節 股東會的提案與通知 | 20 | | 第五節 股東會的召開 | 22 | | 第六節 股東會的表決和決議 | 26 | | 第五章 董事會 | 30 | | 第一節 董事 | 30 | | 第二節 董事會 | 34 | | 第六章 總經理及其他高級管理人員 | 38 | | 第七章 監事會 | 41 | | 第一節 監事 | 41 | | 第二節 監事會 | 42 | | 第八章 財務會計制度、利潤分配和審計 | 44 | | 第一節 財務會計制度 | 44 | | 第二節 內部審計 | ...

FF301 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 北京五一視界數字孿生科技股份有限公司 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06651 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 387,274,344 | RMB | | 1 | RMB | | 387,274,344 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 387,274,344 | RMB | | 1 | RMB | | 387,274,344 | | 2. ...

Core Viewpoint - Wuyishijie successfully listed on the Hong Kong Stock Exchange on December 30, 2025, with a first-day closing increase of 29.9% after a five-year IPO journey [4]. Group 1: Financial Performance - Wuyishijie utilized Hong Kong's relaxed listing regulations, achieving a revenue of 2.87 billion HKD in 2024, just above the 2.5 billion HKD threshold [5]. - The company reported only 538.2 million HKD in revenue for the first half of 2025, which is 19% of the total revenue for the previous year, indicating a highly concentrated revenue period in the second half of the year [5]. - Revenue concentration among the top five customers increased from 23.6% in 2022 to 51.5% in the first half of 2025, indicating growing dependency on major clients [6]. - Wuyishijie has faced continuous losses, with losses recorded at 1.46 billion RMB in 2021, 1.90 billion RMB in 2022, 870 million RMB in 2023, 790 million RMB in 2024, and 940 million RMB in 2025 [6][7]. Group 2: Profitability and Cost Structure - The gross margin has declined significantly, dropping to 41.1% in the first half of 2025, a decrease of nearly 24 percentage points compared to three years prior [8]. - The sales cost as a percentage of total revenue increased from 35% in 2022 to 58.9% in the first half of 2025, contributing to the decline in gross margin [9]. - Research and development (R&D) expenses have been significantly reduced, with the R&D expense ratio dropping from 79% in 2022 to 20% in 2024, indicating a shift away from innovation [11][12]. Group 3: Business Strategy and Future Outlook - Wuyishijie aims to create a digital twin of the Earth, a vision articulated by founder Li Yi, but current business performance raises questions about the feasibility of this ambitious goal [21][26]. - The company has diversified its offerings beyond real estate, but the growth of its other business segments, such as 51Sim and 51Earth, remains limited, with 51Earth contributing less than 4% to total revenue since 2022 [25][26]. - The IPO is seen as just the beginning, with the company facing ongoing challenges in achieving sustainable growth and profitability [27].

Core Insights - The Hong Kong Stock Exchange (HKEX) achieved a record IPO fundraising total of HKD 285.69 billion in 2025, marking a 224% increase from 2024 and reclaiming the top position globally for IPO fundraising after four years [2] - A total of 119 companies went public in Hong Kong in 2025, representing a 68% year-on-year increase, with eight companies raising over HKD 10 billion each [2] - The strong performance of the IPO market was significantly driven by 19 A-share companies that raised a combined HKD 139.99 billion, nearly half of the total IPO fundraising for the year [2] Company Highlights - Contemporary Amperex Technology Co., Limited (CATL) emerged as the top fundraiser with HKD 41.01 billion, ranking second globally in IPO fundraising [2] - Other notable companies that made it to the global top ten IPO list include Zijin Mining International, SANY Heavy Industry, and Seres [2] - The successful IPOs in the technology and consumer sectors, including AI pharmaceuticals and robotics, indicate strong market demand for high-quality listings [3] Market Outlook - Institutions maintain an optimistic outlook for the 2026 Hong Kong IPO market, with projections from PwC estimating fundraising could reach between HKD 320 billion to HKD 350 billion, while Deloitte and Credit Suisse expect it to exceed HKD 300 billion [3]

Core Viewpoint - 51WORLD (五一视界) is set to be listed on December 30, 2023, and has shown significant interest in the dark market, with a peak increase of 62.6% due to its status as a rare "Physical AI" stock [2][5][9]. Group 1: Market Performance - In the Futu dark market, 51WORLD opened at HKD 44.00, reaching a high of HKD 46.98, with a maximum gain of 44.26% [2]. - In the Tonghuashun dark market, the stock peaked at HKD 49.6, with a gain exceeding 62.62%, allowing investors to earn up to HKD 3,820 per lot of 200 shares [5]. - Despite six stocks being listed simultaneously on the Hong Kong Stock Exchange, 51WORLD emerged as a standout technology stock, leading the dark market [5]. Group 2: Company Fundamentals - 51WORLD is positioned in the trillion-dollar Physical AI sector, which is expected to be significantly larger than content AI, with major tech companies like OpenAI and Alibaba investing in this space [9]. - The company possesses essential technologies for Physical AI, including spatial intelligence models, data fuel, and training platforms, with established products like 51Aes and 51Sim [9]. - 51WORLD has demonstrated strong commercial capabilities, serving over a thousand enterprise clients across various sectors, with revenue projected to grow from CNY 170 million in 2022 to CNY 287 million in 2024, and a 62% year-on-year increase in the first half of 2025 [9]. Group 3: Investment Interest - Notable investors, including prominent figures from the private equity sector and leading tech companies, have shown strong interest in 51WORLD during its IPO phase, contributing to its rising stock price [10]. - The IPO is expected to raise approximately HKD 731 million, with a potential maximum of HKD 841 million if the over-allotment option is exercised [11].

Core Viewpoint - The successful listing of 51WORLD on the Hong Kong Stock Exchange marks a significant milestone for the Physical AI sector, indicating strong recognition from overseas capital and breaking the recent stagnation in the Hong Kong IPO market [2][3]. Group 1: Company Overview - 51WORLD, the first company in the Physical AI sector to go public, opened at HKD 35.00 and closed at HKD 39.62, reflecting a 29.90% increase on its first trading day with a transaction volume of HKD 204 million [1]. - The company has a decade of experience in digital twin and simulation technology, positioning itself as a key player in the Physical AI landscape [2][3]. Group 2: Market Context - The introduction of the 18C special technology listing rules by the Hong Kong Stock Exchange aims to provide financing channels for unprofitable but technologically advanced hard tech companies, with 51WORLD being the eighth company to list under this framework [2]. - As of December 30, 2025, the 18C channel has received applications from 32 companies, with 8 successfully listed, indicating a growing cluster of AI, robotics, and advanced hardware companies [2]. Group 3: Technological Capabilities - 51WORLD has established a comprehensive technology system that includes three core elements essential for Physical AI: data fuel, spatial intelligent models, and training platforms [5][6][7]. - The company has developed a high-quality synthetic data library with a 90% accuracy rate, which is crucial for training AI models effectively [5]. - Its self-developed 51 Aes digital twin base allows for 1:1 replication of environments, enabling AI to understand and interact with the physical world [6]. Group 4: Financial Performance - From 2022 to 2024, 51WORLD's revenue is projected to grow from CNY 170 million to CNY 287 million, with a compound annual growth rate (CAGR) of 30.02% [8]. - The company has shown improvement in profitability, with adjusted net losses decreasing from CNY 132 million to CNY 43 million during the same period [8]. Group 5: Strategic Partnerships - 51WORLD has formed a deep collaboration with domestic GPU leader Moore Threads to create a dual-driven system of "computing power + simulation," which is essential for the large-scale implementation of Physical AI [10][11]. - This partnership aims to enhance the capabilities of 51WORLD's simulation platform and has already been applied in the smart driving sector, supporting over 20 leading manufacturers [11]. Group 6: Future Outlook - The company plans to expand into the embodied intelligence sector, with projections indicating that the global market for embodied intelligence will reach CNY 19.525 billion by 2025 [12]. - 51WORLD aims to evolve towards a "universal world model," integrating advanced technologies to solidify its industry position and expand its applications across various sectors [12].

Group 1 - The company, Beijing Wuyi Shijie Digital Twin Technology Co., Ltd. ("Wuyi Shijie"), successfully went public on the Hong Kong Stock Exchange on December 30, 2025, under the stock code 06651.HK [2] - Wuyi Shijie, established in 2015, is a leading digital twin enterprise focusing on three core technology areas: 3D graphics, simulation, and artificial intelligence, aiming to create a "digital twin earth" for enhanced efficiency, safety, and improvement of the real world [3] - The company's core products include the 51Aes digital twin platform, 51Sim synthetic data and simulation platform, and 51Earth digital earth platform, covering over 10 fields such as urban planning, water conservancy, energy, automotive, transportation, and robotics [3] Group 2 - Zhong Lun Law Firm served as the issuer's legal advisor for the listing project, providing comprehensive legal services based on its deep understanding of the specialized technology industry and the Hong Kong capital market [2] - The firm has been a long-term legal advisor to Wuyi Shijie, assisting the company in multiple financing rounds since 2019 and facilitating its entry into the international capital market [3] - Zhong Lun played a crucial role in assisting the company with communication with securities regulatory authorities and organizing responses to multiple inquiries from the China Securities Regulatory Commission, which was vital for the company's successful overseas listing filing [3]

Core Viewpoint - The successful listing of 51WORLD on the Hong Kong Stock Exchange marks a significant milestone for the Physical AI sector, indicating strong capital market recognition and breaking the recent stagnation in the Hong Kong IPO market [2][3]. Group 1: 18C Track and Industry Value - The 18C special technology listing rules introduced by the Hong Kong Stock Exchange aim to provide financing channels for unprofitable but technologically advanced hard tech companies [4]. - As of December 30, 2025, the 18C channel has processed applications from 32 companies, with 8 successfully listed, including 5 new listings in 2025, highlighting the growing cluster of AI, robotics, and advanced hardware companies [5]. - 51WORLD's entry into the 18C track introduces a unique Physical AI gene, filling a gap in the market and potentially reshaping valuation logic for hard tech companies [5]. Group 2: Physical AI Strategy and Technology - 51WORLD aims to be the foundational infrastructure provider for the Physical AI era, evolving through three key stages: rebuilding the world with digital twins, simulating the world with simulation technology, and executing AI in the physical world [7][8]. - The company has developed a comprehensive technical system that includes three core capabilities: data fuel, spatial intelligent models, and training platforms, making it one of the few companies globally with these capabilities [9][10][11]. Group 3: Financial Performance and Market Potential - From 2022 to 2024, 51WORLD's revenue is projected to grow from 170 million to 287 million yuan, with a compound annual growth rate of 30.02%, and a significant increase of 62% in the first half of 2025 [13]. - The company has demonstrated its technology's applicability across various sectors, including smart driving and energy, indicating the vast commercial value of Physical AI, with a potential market size of 40-70 billion USD annually [14]. - The global robotics market is expected to exceed 400 billion USD by 2029, with Physical AI being a core infrastructure supporting this growth [14]. Group 4: Collaboration and Future Growth - 51WORLD's collaboration with domestic GPU leader Moore Threads aims to establish a dual-driven system of computing power and simulation, essential for the large-scale implementation of Physical AI [15][16]. - The partnership has already led to significant advancements in smart driving applications, supporting over 20 leading manufacturers in algorithm validation [16]. - Future growth will focus on the embodied intelligence sector, with projections indicating a market size of 19.525 billion yuan in 2025, potentially becoming a new growth engine for the company [18].

Core Insights - Six companies, including Yingxi Intelligent, Woan Robotics, Linqingxuan, Meilian Holdings, Xunce, and Wuyi Vision, simultaneously listed on the Hong Kong Stock Exchange on December 30, marking the end of the 2025 IPO season and the first time in five years that six companies have listed on the same day [1][10] Group 1: Market Activity - The Hong Kong IPO market saw a significant increase in activity in 2025, with a total of 117 companies listed and a total fundraising amount of 285.7 billion HKD, making it the highest globally [14] - The average daily trading volume reached a historical high, indicating a robust market environment [14] - The successful listing of six companies on the same day is expected to lead to continued strong IPO activity in 2026, with predictions of around 160 new listings and total fundraising of at least 300 billion HKD [15] Group 2: Company Performances - All six companies listed on December 30 performed well, with no company experiencing a drop below the issue price on the first day of trading [10] - Wuyi Vision and Yingxi Intelligent had the highest first-day gains, with increases of 29.90% and 24.66%, respectively [10] - Yingxi Intelligent's public offering saw a subscription rate of 1427.37 times, indicating strong investor interest [10] Group 3: Company Highlights - Woan Robotics, a leader in AI-driven household robotics, emphasized its commitment to innovation and responsibility in the AI industrial revolution during its listing speech [8] - Linqingxuan, a domestic skincare brand, announced plans for global expansion and increased investment in research and development following its listing [9] - Xunce, a provider of real-time data infrastructure, expressed its belief in data intelligence as a core driver of high-quality industrial development [9] Group 4: Investment Insights - High-profile investors, such as Hillhouse Capital, backed both Yingxi Intelligent and Woan Robotics, highlighting a trend of AI applications in complex industrial scenarios [13] - Wuyi Vision is noted as the first Physical AI company to list in China, showcasing its unique capabilities in connecting the digital and physical worlds [13]