Group 1 - The company, 51WORLD, has initiated an IPO to globally offer 23.975 million shares at a price of HKD 30.5 per share, with an additional 15% over-allotment option, aiming to raise up to HKD 841 million [1] - The IPO subscription period is set from December 18 to December 23, 2025, with the expected listing on the Hong Kong Stock Exchange on December 30, 2025, marking it as the first "Physical AI" stock in Hong Kong [1] - Founded in 2015, 51WORLD is a leading player in the Physical AI sector, focusing on significant investments in 3D graphics, simulation, and artificial intelligence, and has developed three core businesses: 51Aes, 51Sim, and 51Earth [1] Group 2 - The company boasts a strong shareholder base, including industry giants, top investment institutions, local state-owned assets, and well-known individual investors, creating a notable advantage of "industry empowerment + capital protection" [2] - Strategic shareholder Moore Threads, a leading domestic GPU company recently listed on the Sci-Tech Innovation Board, not only provides financial support but also complements the company in technology collaboration and ecosystem expansion [2] - The company has attracted interest from top investment institutions, including state-owned investment entities and renowned firms, reflecting strong market recognition of its technological strength and business model [2]

来源：港股研究社 Physical AI赛道领军企业51WORLD(五一视界，股票代码"6651")今日正式开启招股，计划于2025年12月30日在港交所挂牌上市。 五一视界每股定价30.5港元，全球发售2397.5万股，其中香港发售119.9万股，国际配售2277.6万股，还设有15%超额配股权。若发 售量调整权及超额配股权均未行使，预计募资7.31亿港元;若全额行使，最高可募资8.41亿港元。 五一视界在技术上构建了"合成数据 - 空间智能模型 - 仿真训练平台"全链条物理AI闭环生态，是全球少数具备三要素的公司。商 业化方面，推出三大核心业务，产品及解决方案被全球超千家大中型企业应用，业务覆盖19个国家及地区。 财务数据上，2022 - 2024年营收稳步增长，从1.7亿元增至2.87亿元，但期内亏损有所收窄。此次上市，若市场认可度高，股价有 望随公司发展稳步上扬，填补AI硬科技板块价值缺口。 ...

据IPO早知道消息，北京五一视界数字孪生科技股份有限公司（以下简称"51WORLD"）今起招股、至 23日结束，并计划于2025年12月30日正式以"6651"为股票代码在港交所主板挂牌上市。 这意味着，51WORLD即将正式成为港股"Physical AI第一股"，也将是今年最后一家登陆港交所的18C 特专科技企业。 51WORLD计划在本次IPO中发行23,975,200股H股。其中，香港公开发售1,198,800股H股，国际配售 22,776,400股H股，另有15%超额配股权。 在仿真训练平台侧，51WORLD基于海量真实数据构建高置信度仿真环境，实现从传统图形仿真到数据 驱动的跨越，让基于真实数据的闭环仿真成为可能，并可以支持强化学习训练。 此外，51WORLD于今年二季度正式推出了两大全新AI入口平台——空间智能交互平台Clonova、具身 智能开放数据平台Aperdata，进一步构建起数字世界和物理世界的桥梁。 另据招股书披露，51WORLD还在增加人工智能相关投资，聚焦"AI×3D"融合。即利用51AES生成的3D 场景数据标注和多模态训练数据训练AI模型，使其能够实现3D环境的空间理解和认知 ...

在融资历程上，五一视界共经历8轮融资，截至2024年12月31日，其于中国数字孪生解决方案市场中融资金额排名第一，最后一轮估值达44亿元，投资者包 括知名基金光速、云九、StarVC、谢诺投资，产业投资人商汤科技、摩尔线程等。 此外，五一视界也吸引了葛卫东、梁伯韬等知名个人投资人入股。 瑞财经 王敏 12月18日，Physical AI赛道公司北京五一视界数字孪生科技股份有限公司（以下简称"五一视界"）于今日启动招股。公司全球发售2397.5万股， 每股定价30.5港元，若全额行使超额配股权，最高可募资约8.41亿港元，并预计于12月30日挂牌上市。 五一视界已构建覆盖数据、模型与平台的全链条物理AI生态，其产品在智能驾驶、智慧工厂等多个领域实现商业化。 招股书显示，五一视界成立于2015年2月，是一家致力于克隆地球5.1亿平方公里的数字孪生科技公司，公司已围绕3D图形、模拟仿真及人工智能三大领域的 技术发展核心竞争力。 根据弗若斯特沙利文的资料，五一视界为数字孪生行业内首家提出并持续实施地球克隆计划的公司；于2024年中国数字孪生行业中收入排名第一；截至2024 年12月31日，于中国数字孪生解决方案市场的 ...

Core Viewpoint - The listing of 51WORLD marks a significant event in the Hong Kong stock market, particularly in the Physical AI sector, with the company aiming to raise up to 8.41 billion HKD through its IPO [2][3] Group 1: Company Overview - 51WORLD, established in 2015, has developed a comprehensive technological capability in Physical AI, focusing on three key components: data fuel, spatial models, and training platforms [2] - The company has created a closed-loop ecosystem in Physical AI, integrating synthetic data, spatial intelligent models, and simulation training platforms, establishing significant technological and ecological barriers [2] Group 2: Business and Commercialization - 51WORLD has launched three core business lines: 51Aes (digital twin platform), 51Sim (synthetic data and simulation platform), and 51Earth (digital earth platform), with applications across over 1,000 large and medium-sized enterprises globally [3] - The company's Physical AI products have been commercialized in various verticals, including smart driving, transportation hubs, smart factories, and smart energy [3] Group 3: Financial Performance - The company's revenue has shown strong growth, increasing from 170 million CNY in 2022 to 287 million CNY in 2024, representing a compound annual growth rate of 30.02% [3] - In the first half of 2025, 51WORLD achieved revenue of 53.82 million CNY, a 62% increase compared to the same period in 2024 [3] Group 4: Investment and Market Position - 51WORLD has attracted significant investment from notable entities, including domestic GPU leader Moore Threads and AI leader SenseTime, as well as well-known funds like Lightspeed, Yunjiu, Star VC, and individual investors such as Ge Weidong and Liang Bota [3] - The listing of 51WORLD is expected to fill a value gap in the AI hard technology sector within the Hong Kong stock market, as there are very few companies that combine a complete Physical AI ecosystem with proven commercialization [3]

全球少数真正具备Physical AI三要素的公司。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 具体而言， 在空间智能模型侧， 51WORLD在创建一个高保真数字孪生环境的同时，也在为智能体 打造一个能够理解、规划和预测物理世界并执行动作后得到反馈的强化学习环境，为提升空间智能模 型性能指明路径。 在合成数据侧， 51WORLD积累了海量的高质量3D资产库，并拥有包括物理仿真及图形渲染路线、 3DGS / 4DGS泼溅重建路线、世界模型生成路线在内的行业内全面的合成数据技术路径，也是中国 少数掌握合成数据全栈路径的公司之一。值得注意的是，招股书显示，51WORLD合成数据真实率达 90%，场景可控性达100%，多感知一致性达100%。动力仿真、激光雷达仿真、摄像机仿真的可信 度分别高达95%、95%及90%。 在仿真训练平台侧， 51WORLD基于海量真实数据构建高置信度仿真环境，实现从传统图形仿真到 数据驱动的跨越，让基于真实数据的闭环仿真成为可能，并可以支持强化学习训练。 此外，51WORLD于今年二季度正式推出了两大全新AI入口平台——空间智能交互平台Cl ...

每股定价30.5港元，若发售量调整权及超额配股权均未行使，公司预计募资7.31亿港元。若行使超额配股权，最高可募资8.41亿港元。招股日期为2025年 12月18日至2025年12月23日，并预计于2025年12月30日在港交所挂牌上市。 业内认为，作为以18C章程冲刺港股的压轴选手，五一视界兼具成长性与稀缺性。业绩表现持续亮眼，公司营收从2022年的1.7亿元增长至2024年的2.87亿 元，年复合增长率达30.02%。2025年上半年实现营收5382万元，较2024年同期增长62%。 有分析人士认为，当前港股市场中，兼具 "全链条物理AI闭环生态 + 商业化实证"的Physical AI企业极为稀缺，五一视界的上市有望为港股市场引入这一稀 缺赛道的核心投资标的，填补 AI 硬科技板块的价值缺口。 封面新闻记者 付文超 12月18日，记者获悉，Physical AI 赛道领军企业51WORLD（五一视界）开启招股，全球发售2397.5万股，香港发售119.9万股，国际配售2277.6万股，另 有15%超额配股权。 ...

Core Viewpoint - The Hong Kong capital market is experiencing a concentrated IPO wave with six companies from various industries launching public offerings, showcasing trends in new economic sectors such as artificial intelligence, biotechnology, and high-end consumer goods [1] Group 1: Companies and Their Offerings - Insilico Medicine is set to launch the largest Biotech IPO in the Hong Kong market for 2025, planning to issue approximately 94.69 million shares at a price of HKD 24.05 per share, leveraging its Pharma.AI platform for over 30 innovative projects in oncology, immunology, fibrosis, and metabolism [2][3] - Five One Vision, recognized as the "first Physical AI stock," aims to sell 23.975 million shares globally, with a price of HKD 30.5 per share, potentially raising up to HKD 841 million if the over-allotment option is exercised [2][3] - XunCe, a leading provider of real-time data infrastructure and analytics solutions in China's asset management sector, plans to issue 22.5 million shares with a price range of HKD 48-55 per share [3] - Meilian Holdings, a major service provider in China's prefabricated steel structure construction market, intends to issue 24.6 million shares at a price range of HKD 7.10-9.16 per share [3] - Woan Robotics, a global provider of home robotic systems, plans to issue 22.2223 million shares at a price range of HKD 63-81 per share [3] - Lin Qingxuan, a representative of high-end domestic skincare products in China, aims to issue 13.9665 million shares at a price of HKD 77.77 per share [3] Group 2: Market Position and Investment - Insilico Medicine has attracted a strong base of cornerstone investors, including Eli Lilly, Tencent, Temasek, Schroders, UBS, and Oak Tree Capital, along with a robust pre-IPO investment lineup featuring notable firms like Warburg Pincus and Sequoia China [2] - Five One Vision has established a comprehensive technological capability in Physical AI, supported by significant investments from leading firms such as Moolec Science and SenseTime, as well as prominent individual investors [3] - XunCe holds an 11.6% market share in China's real-time data infrastructure and analytics market, ranking first in the asset management sector as of 2024 [3] - Meilian Holdings ranks third in the prefabricated steel structure construction market in China with a market share of 3.5% [3] - Woan Robotics targets markets in Japan, Europe, and North America, focusing on advanced robotic systems [3] - Lin Qingxuan's core product, camellia oil essence, has been the top-selling facial essence oil in China for 11 consecutive years since 2014 [3]

业绩表现持续亮眼，公司营收从2022年的1.7亿元增长至2024年的2.87亿元，年复合增长率达30.02%。 2025年上半年实现营收5382万元，较2024年同期增长62%。 当前港股市场中，兼具 "全链条物理AI闭环生态 + 商业化实证"的Physical AI企业极为稀缺，五一视界的 上市有望为港股市场引入这一稀缺赛道的核心投资标的，填补 AI 硬科技板块的价值缺口。 成立于2015年，五一视界在Physical AI的三个关键组件(数据燃料、空间模型、训练平台)上搭建起完善 的技术能力，并构建起 "合成数据 - 空间智能模型 - 仿真训练平台" 全链条物理AI闭环生态，形成了难 以复制的技术与生态壁垒，是全球少数真正具备Physical AI三要素的公司。 商业化布局上，五一视界已推出三大核心业务，分别为51Aes(数字孪生平台)、51Sim(合成数据与仿真 平台)及51Earth(数字地球平台)。公司产品及解决方案已被全球超千家大中型企业广泛应用，业务遍及 全球19个国家及地区。其Physical AI产品系统也均已在智能驾驶、交通枢纽、智慧工厂、智慧能源等垂 直场景实现商业化落地。 凭借精准卡位 ...

成立于2015年，五一视界在Physical AI的三个关键组件（数据燃料、空间模型、训练平台）上搭建起完 善的技术能力，并构建起 "合成数据 - 空间智能模型 - 仿真训练平台" 全链条物理AI闭环生态，形成了 难以复制的技术与生态壁垒，是全球少数真正具备Physical AI三要素的公司。 商业化布局上，五一视界已推出三大核心业务，分别为51Aes（数字孪生平台）、51Sim（合成数据与 仿真平台）及51Earth（数字地球平台）。公司产品及解决方案已被全球超千家大中型企业广泛应用， 业务遍及全球19个国家及地区。其Physical AI产品系统也均已在智能驾驶、交通枢纽、智慧工厂、智慧 能源等垂直场景实现商业化落地。 今日，Physical AI 赛道领军企业51WORLD（五一视界）开启招股，全球发售2397.5万股，香港发售 119.9万股，国际配售2277.6万股，另有15%超额配股权。 每股定价30.5港元，若发售量调整权及超额配股权均未行使，公司预计募资7.31亿港元。若行使超额配 股权，最高可募资8.41亿港元。招股日期为2025年12月18日至2025年12月23日，并预计于2025年12 ...