摩尔线程上市，它投资的公司也要上市了！

Core Viewpoint - The article highlights the recent IPO of Beijing Wuyi Shijie Digital Twin Technology Co., Ltd. (Wuyi Shijie), which is the largest IPO on the Sci-Tech Innovation Board in 2025, and its third attempt to list on the Hong Kong Stock Exchange after two previous failed submissions [1][2]. Company Overview - Wuyi Shijie, established in February 2015, focuses on digital twin technology, investing heavily in 3D graphics, simulation, and artificial intelligence to develop its core competencies [4]. - The company proposed the "Earth Cloning Project" in 2017, aiming to replicate 5.1 million square kilometers of Earth in a virtual environment, making it the first in the industry to pursue this initiative [5]. Business Development - Wuyi Shijie has launched three core business platforms: 51Aes Digital Twin Platform, 51Sim Synthetic Data and Simulation Platform, and 51Earth Digital Earth Platform, with applications in over 1,000 enterprises across 19 countries and regions [6]. - According to Frost & Sullivan, Wuyi Shijie ranks first in revenue in the digital twin industry in 2024 and is the first in China to achieve over 250 million HKD in revenue within a year [6]. Financial Performance - The company reported revenues of 170 million CNY, 256 million CNY, 287 million CNY, and 54 million CNY for the years 2022, 2023, 2024, and the first half of 2025, respectively, with a compound annual growth rate of approximately 29.9% over the first three years [6]. - The net losses for the same periods were 190 million CNY, 87 million CNY, 79 million CNY, and 94 million CNY, with adjusted net losses showing a significant reduction [6][7]. Profitability Metrics - Wuyi Shijie's gross margins have been declining, recorded at 65%, 54.2%, 51.1%, and 41.1% over the same periods [7]. Investment and Valuation - After eight rounds of financing, Wuyi Shijie's valuation has increased approximately 47 times to 4.4 billion CNY as of 2024 [16]. - Key investors include Moer Thread and SenseTime, with Moer Thread holding 0.5% and SenseTime holding 2.3% of the company [17].