51WORLD今起招股：将成“Physical AI第一股”，亦为今年港股18C收官之作

Core Viewpoint - 51WORLD is set to become the first "Physical AI" stock listed on the Hong Kong Stock Exchange, with its IPO expected to raise up to HKD 841 million, marking it as the last tech company to go public in Hong Kong this year [1][6]. Group 1: Company Overview - Founded in 2015, 51WORLD has developed a comprehensive technological capability in Physical AI, encompassing data fuel, spatial models, and training platforms, creating a closed-loop ecosystem that is difficult to replicate [2]. - The company has built a high-fidelity digital twin environment and a reinforcement learning environment that enhances the performance of spatial intelligent models [2]. - 51WORLD possesses a vast library of high-quality 3D assets and has established a full-stack approach to synthetic data technology, achieving a synthetic data authenticity rate of 90% and scene controllability of 100% [2]. Group 2: Product and Market Application - The company has launched two new AI platforms, Clonova and Aperdata, which bridge the digital and physical worlds, and is focusing on AI and 3D integration [3]. - 51WORLD's products are utilized by over 1,000 large and medium-sized enterprises across 19 countries, with applications in smart driving, transportation hubs, smart factories, and smart energy [3]. Group 3: Financial Performance - The revenue of 51WORLD for the years 2022, 2023, and 2024 is projected to be CNY 170 million, CNY 256 million, and CNY 287 million respectively, with a 63.6% increase in revenue from CNY 33 million in the first half of 2024 to CNY 54 million in the same period of 2023 [4]. Group 4: Investment and Market Position - 51WORLD has completed multiple rounds of financing, attracting investments from notable companies and funds, including domestic GPU pioneer Moore Threads and AI leader SenseTime [5]. - The listing of 51WORLD is expected to introduce a rare investment opportunity in the Physical AI sector to the Hong Kong market, which currently lacks companies with a complete Physical AI ecosystem and commercial validation [6].