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].
全球Physical AI第一股来了！51WORLD（06651.HK）登陆港交所，18C赛道解锁万亿新蓝海