IPO雷达｜冲刺港股，五一视界获证监会备案，累亏超4亿元，毛利率逐年走低，现金流持续失血

Core Viewpoint - Beijing Wuyi Shijie Digital Twin Technology Co., Ltd. (Wuyi Shijie) has submitted materials for an overseas listing on the Hong Kong Stock Exchange, aiming to issue up to 77,600,840 shares and convert 363,299,144 shares held by 38 shareholders into overseas listed shares, marking a significant step towards becoming the first digital twin company listed in Hong Kong [1][4]. Company Overview - Wuyi Shijie is a digital twin technology company based in mainland China, focusing on 3D graphics, simulation, and artificial intelligence, and has made substantial investments to develop its core competencies [6][8]. - The company aims to provide digital twin solutions across various industries, including urban planning, water resource management, energy, automotive, transportation, robotics, entertainment, and social media [8][9]. Market Position - According to Frost & Sullivan, Wuyi Shijie ranks first in several key indicators within the digital twin industry, including being the first to propose and implement a global cloning plan and achieving the highest revenue in the digital twin sector in 2024 [10]. - The company has established three core business segments: 51Aes (digital twin platform), 51Sim (synthetic data and simulation platform), and 51Earth (digital earth platform), with commercialized products and solutions in each area [10]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was RMB 170 million, RMB 256 million, RMB 287 million, and RMB 54 million, respectively, with corresponding net losses of RMB 190 million, RMB 87 million, RMB 79 million, and RMB 94 million [11][12]. - The gross profit margin has been declining, with rates of 65%, 54.2%, 51.1%, and 41.1% from 2022 to the first half of 2025 [14]. Development Goals - The company envisions creating a "digital twin earth" by breaking down the initiative into five elements (buildings, roads, vegetation, water bodies, and terrain) and five stages, with the goal of completing the final stage by 2030 to address real-world issues in various fields [10][9].