“Physical AI第一股”五一视界开启招股：预计12月30日上市，葛卫东是股东

Core Viewpoint - Beijing 51World Digital Twin Technology Co., Ltd. (referred to as "51World") has launched its IPO, aiming to raise approximately HKD 841 million with a share price of HKD 30.5, and is expected to be listed on December 30 [1] Company Overview - 51World was established in February 2015 and focuses on creating a digital twin of Earth's 5.1 million square kilometers, leveraging core competencies in 3D graphics, simulation, and artificial intelligence [1] - The company has built a comprehensive physical AI ecosystem covering data, models, and platforms, with commercial applications in smart driving and smart factories [1] Market Position - According to Frost & Sullivan, 51World is the first company in the digital twin industry to propose and implement the Earth cloning plan, ranking first in revenue in China's digital twin industry for 2024 [1] - As of December 31, 2024, 51World leads in financing amounts within China's digital twin solutions market and is the first in the industry to achieve over HKD 250 million in revenue within a year [1] Financial Performance - For the fiscal years ending December 31, 2022, 2023, 2024, and the first half of 2025, 51World's revenues were HKD 169.977 million, HKD 256.302 million, HKD 287.362 million, and HKD 53.820 million respectively [2] - The corresponding net losses for these periods were HKD 189.785 million, HKD 87.027 million, HKD 77.500 million, and HKD 65.067 million [2] Funding History - 51World has undergone eight rounds of financing, ranking first in financing amounts in China's digital twin solutions market as of December 31, 2024, with the last round valuing the company at HKD 4.4 billion [3] - Notable investors include prominent funds such as Lightspeed, Yunjiu, StarVC, and SenseTime, as well as individual investors like Ge Weidong and Liang Bota [3][5] Shareholding Structure - As of the latest feasible date, LS 51World, Sky9 51World, and SenseTime hold 17.32%, 3.4%, and 2.3% of the shares respectively, while Ge Weidong and Liang Bota hold 2.2% and 1.7% through Grandwin HK [5]