摩尔线程上市，它投资的公司也要上市了！

Core Viewpoint - The article discusses the recent developments of Beijing Wuyi Shijie Digital Twin Technology Co., Ltd. (Wuyi Shijie), including its third attempt to go public in Hong Kong and its significant growth in valuation and revenue, despite a continuous decline in gross margin [1][6]. Company Overview - Wuyi Shijie was established in February 2015 and focuses on digital twin technology, which utilizes 3D graphics, simulation, and AI to create high-precision virtual replicas of physical objects or systems [4][5]. - The company has proposed the "Earth Cloning Project," aiming to replicate 5.1 million square kilometers of Earth in a virtual environment, and has outlined a five-stage plan for this project, currently in the fourth stage [5]. Financial Performance - Wuyi Shijie has launched three core businesses: 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 [6]. - The company reported revenues of 170 million yuan, 256 million yuan, 287 million yuan, and 54 million yuan 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 yuan, 87 million yuan, 79 million yuan, and 94 million yuan, with adjusted net losses showing a significant reduction [6]. Gross Margin Trends - The gross margins for Wuyi Shijie during the reporting period were 65%, 54.2%, 51.1%, and 41.1%, indicating a continuous decline [7]. Investment and Valuation - Wuyi Shijie has undergone eight rounds of financing, raising over 800 million yuan, with its valuation increasing approximately 47 times to 4.4 billion yuan since its inception [10][16]. - Key investors include Moer Thread, SenseTime, and Lightspeed, with Moer Thread holding 0.5% of shares and SenseTime holding 2.3% [16][17].