Core Viewpoint - The company, Beijing May 1st Vision Digital Twin Technology Co., Ltd. (referred to as "May 1st Vision"), is preparing to go public on the Hong Kong Stock Exchange, leveraging its innovative digital twin technology to create virtual models of cities and natural environments for optimizing various sectors such as transportation and energy [2][20]. Company Overview - May 1st Vision has completed 8 rounds of financing, achieving a valuation of over 4 billion RMB [3][20]. - The company was founded by Li Yi, who transitioned from real estate to digital technology, aiming to integrate virtual reality with urban planning [4][19]. - The company’s vision includes a "Earth Cloning Project" that aims to replicate the Earth's 5.1 million square kilometers over 16 years, which has attracted significant investor interest [5][19]. Business Model and Operations - The company defines itself as a technology enterprise focused on digital twin technology, utilizing 3D graphics, simulation, and AI to create digital versions of the real world [8][22]. - May 1st Vision has three main business segments: the digital twin platform 51Aes, the synthetic data and simulation platform 51Sim, and the digital earth platform 51Earth [11][24]. - The company is currently in the fourth phase of its Earth Cloning Project, capable of generating a city in one day with urban-level rendering precision [9][22]. Financial Performance - Revenue figures for May 1st Vision from 2022 to 2024 are projected to be 170 million RMB, 256 million RMB, and 287 million RMB, respectively, with a compound annual growth rate of 30.02% [11][24]. - Despite revenue growth, the company has not yet achieved profitability, recording losses of 190 million RMB, 87 million RMB, and 79 million RMB from 2022 to 2024, with a further projected loss of 94 million RMB in the first half of 2025 [11][24]. - The gross margin has declined from 65% in 2022 to 54.2% in 2023, and is expected to drop to 51.1% in 2024, attributed to increased costs from customized solutions [12][26]. Research and Development - Research and development expenditures for the past three years were 134 million RMB, 103 million RMB, and 58.3 million RMB, representing 79%, 40.2%, and 20.3% of revenue, respectively [13][26]. - The reduction in R&D spending raises concerns about the company's ability to maintain technological independence in a competitive market [13][26]. Market Position - According to a report by Frost & Sullivan, May 1st Vision is the largest provider of digital twin solutions in China and the only company in the leading market segment offering a one-stop service [11][24]. - The company faces competition from established players like General Electric, Huawei Cloud, and Alibaba's DAMO Academy, which have already made significant investments in the digital twin space [13][26].

港股晨报 2025 年 12 月 22 日 国投证券（香港）有限公司 • 研究部 1. 国投证券国际视点：圣诞行情临近，市场明显反弹 港股市场上周五回暖，三大指数集体收涨。其中，恒生指数升 0.75%，国企指 数升 0.68%，恒生科技指数升 1%，多个板块呈现普涨格局。大市成交金额回升 至2,212亿元，主板总卖空金额约452亿元，占可卖空股票总成交金额约22.19%。 南向资金流（北水）方面，周五净流入约 34 亿元。港股通 10 大成交活跃股中， 北水净买入最多的是腾讯控股 700.HK、阿里巴巴 9988.HK、长飞光纤光缆 6869.HK；净卖出最多的是中国移动 941.HK、地平线机器人－Ｗ9660.HK、中芯 国际 981.HK。 分板块来看，烟草概念股表现突出。消息面上，国务院办公厅近日印发《关于 全链条打击涉烟违法活动的意见》，明确要求全方位加强电子烟监管，严打非 法生产与出口回流等乱象。此举将有效净化市场环境，为合规企业带来更大的 发展空间与机遇，提振了板块信心，中烟香港 6055.HK 与思摩尔国际 6969.HK 领涨。消费板块整体做好，汽车股亦表现亮眼，小鹏 9868.HK、零跑 9 ...

Core Viewpoint - The article provides an overview of recent IPO activities across Hong Kong, the US, and A-shares, highlighting several companies preparing for their public listings and their respective market positions. Group 1: Muxi Integrated Circuit - Muxi Integrated Circuit (Shanghai) Co., Ltd. officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2025, with the stock code "688802" [3] - Founded in 2020, Muxi is a leading domestic high-performance general-purpose GPU product company, focusing on the research, design, and sales of GPUs for AI training, inference, general computing, and graphics rendering [3] - Muxi's GPU products have achieved cumulative sales of over 25,000 units by the end of March 2025, with a revenue compound growth rate of 4074.52% over the past three years, and revenue of 915 million yuan in the first half of this year [5] Group 2: Woan Robotics - Woan Robotics (Shenzhen) Co., Ltd. plans to officially list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "6600" [7] - The company aims to become the "first stock of AI-embodied household robots," with an IPO market valuation between 14 billion and 18 billion HKD, raising up to 1.8 billion HKD [8] - Woan Robotics is recognized as the only company globally to comprehensively layout AI-embodied household robot systems, holding an 11.9% market share in the sector by 2024 [10] Group 3: Xunce Technology - Xunce Technology plans to list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "3317," marking it as the first company in China's AI data sector to complete an IPO [12] - The company aims to raise up to 1.2375 billion HKD through its IPO, with a focus on real-time data infrastructure and analysis solutions [12] - Xunce Technology's real-time data solutions are noted for their speed and consistency, optimizing business efficiency and flexibility [14] Group 4: InSilico Medicine - InSilico Medicine plans to list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "3696," aiming to raise up to 2.3 billion HKD [16] - The company is recognized as the largest biotech IPO in Hong Kong this year, with a focus on AI-driven drug development across various industries [17] - InSilico's core asset, Rentosertib, is a first-in-class candidate drug for idiopathic pulmonary fibrosis, showcasing the company's innovative capabilities [18] Group 5: Linqingxuan - Linqingxuan Cosmetics Group plans to list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "2657," aiming to raise over 1 billion HKD [21] - The company is positioned as the leading high-end domestic skincare brand in China, with a complete product matrix in anti-wrinkle and firming skincare [22] - Linqingxuan ranks first among all domestic high-end skincare brands in China by retail revenue in 2024 [22] Group 6: 51WORLD - 51WORLD plans to list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "6651," aiming to become the "first stock of Physical AI" [24] - The company has established a comprehensive technology capability in Physical AI, with products applied in various industries globally [24] - 51WORLD's revenue has shown significant growth, with a 63.6% increase in the first half of this year compared to the same period last year [26] Group 7: Qingsong Health Group - Qingsong Health Group plans to list on the Hong Kong Stock Exchange on December 23, 2025, with the stock code "2661," aiming to raise over 600 million HKD [28] - The company operates as a one-stop digital health and insurance service platform, covering various health-related services [28] - Qingsong Health Group's revenue has grown significantly, with an 84.7% increase in the first half of this year compared to the previous year [29] Group 8: Biran Technology - Biran Technology has passed the hearing for its listing on the Hong Kong Stock Exchange, focusing on general intelligent computing solutions [31] - The company has shown strong growth potential, with significant sales agreements in place and a focus on AI data centers and telecommunications [32] Group 9: Zhipu Technology - Zhipu Technology has passed the hearing for its listing on the Hong Kong Stock Exchange, aiming to become the "first stock of global large models" [35] - The company has achieved significant revenue growth, with a compound annual growth rate of 130% from 2022 to 2024 [36] Group 10: Tiandu Intelligent Chip - Tiandu Intelligent Chip has passed the hearing for its listing on the Hong Kong Stock Exchange, focusing on general-purpose GPU chips [38] - The company has seen a significant increase in customer numbers and product shipments, reflecting strong market recognition [39]

Core Viewpoint - 51WORLD is set to launch an IPO, aiming to raise up to HKD 841 million, positioning itself as the first "Physical AI" stock on the Hong Kong Stock Exchange [1] Group 1: Company Overview - 51WORLD, established in 2015, is a leading player in the Physical AI sector, focusing on 3D graphics, simulation, and artificial intelligence [1] - The company has developed three core businesses: 51Aes (digital twin platform), 51Sim (synthetic data and simulation platform), and 51Earth (digital earth platform) [1] - Its products and solutions are utilized by over 1,000 large and medium-sized enterprises globally, with operations in 19 countries and regions [1] Group 2: Shareholder and Investment Landscape - The company boasts a strong shareholder base, including industry giants, top investment institutions, local state-owned enterprises, and notable individual investors, creating a significant advantage in "industry empowerment + capital protection" [2] - Strategic shareholder Moore Threads, a leading domestic GPU company, not only provides financial support but also enhances technical collaboration and ecosystem expansion [2] - 51WORLD has attracted interest from top investment institutions, including state-owned investors like Nanning Financial Investment and market-oriented funds such as Lightspeed and Yunjiu [2] - Notable individual investors like Ge Weidong and Liang Bota have also shown interest, with Ge's other investment in GPU star company Muxi achieving a market value of HKD 332 billion on its first trading day [2] - The concentrated investment from prominent shareholders and the enthusiastic capital market response reflect 51WORLD's core competitive advantages in technology and business model, as well as the high recognition of its sector's value [2]

Core Viewpoint - The Hong Kong stock market is entering a significant phase for annual IPOs, with six companies launching their offerings and scheduled to list on December 30, reflecting a strong demand for quality enterprises to utilize market opportunities [1][2]. Group 1: Companies and Their Offerings - Six companies, including Insilico Medicine, Wuyishijie, Xunce, Meilian Holdings, Woan Robotics, and Linqingxuan, are set to launch IPOs, covering diverse sectors such as AI pharmaceuticals, digital twins, home robotics, and high-end skincare [1][2]. - Insilico Medicine, known as a pioneer in AI pharmaceuticals, has set its IPO price at HKD 24.05, aiming to raise HKD 2.277 billion, making it the largest among the six [1]. - Wuyishijie, focusing on digital twin and Physical AI technologies, plans to issue 23.975 million shares at HKD 30.5 each, with a potential fundraising of up to HKD 841 million if the over-allotment option is exercised [2]. - Xunce, a real-time data infrastructure service provider, is expected to raise between HKD 1.08 billion and HKD 1.23 billion, with a share price range of HKD 48-55 [2]. - Woan Robotics, backed by industry figure Li Zexiang, is entering the home robotics sector, while Linqingxuan is offering 13.96645 million shares at HKD 77.77 each [2]. Group 2: Market Trends and Analysis - The concentration of tech and new consumer companies in the IPO market indicates a shift in the structure of IPOs, with technology and new consumption becoming the dominant forces [1][3]. - The traditional industrial sector, represented by Meilian Holdings, highlights the financing needs of transforming traditional industries, aligning with the "technology-led, diversified supplement" structure of the Hong Kong IPO market [3]. - The influx of new IPOs may lead to market differentiation, where the quality of cornerstone investors and the ability to deliver on performance will be critical in distinguishing the companies [3]. - The simultaneous issuance of multiple new stocks may create a fund diversion effect, impacting the demand for public offerings and international placements [3].

建议谨慎申购 2025-12-18 星期四 | 【招股详情】 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 保荐人 | | 中金公司、华泰国际 | | | | | | | | 上市日期 | 年 2025 | 月 12 | 30 | 日(周二) | | | | | | 招股价格 | 30.50 | | | | | | | 港元 | | 集资额 | 6.52 | | | | | 亿港元（扣除包销费用和全球发售有关的估计费用，以中位数计算） | | | | 每手股数 | 200 股 | | | | | | | | | 入场费 | | 港元 | | | | | 6,161.51 | | | 招股日期 | 年 2025 | 月 12 | 18 | 日-2025 | 年 | 月 日 12 23 | | | | 国元证券认购截止日期 | 2025 年 | 12 月 | 22 | 日 | | | | | | 招股总数 | 2,398 | | | | | 万股(可予调整及视乎超额配售权的行使情况而定) | | | | 国际 ...

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 ...

Group 1: IPO Information - The IPO for 英矽智能 (03696.HK) is open for subscription from December 18 to December 23, with a global offering of 94,690,500 shares, where 10% is for public offering in Hong Kong and 90% for international offering. The offer price is set at HKD 24.05 per share, with a minimum investment of HKD 12,146.27 for 500 shares [2][4] - The IPO for 五一视界 (06651.HK) is also open for subscription from December 18 to December 23, with a global offering of 23,975,200 shares, where 5% is for public offering in Hong Kong and 95% for international offering. The offer price is set at HKD 30.50 per share, with a minimum investment of HKD 6,161.51 for 200 shares [8][10] - 迅策 (03317.HK) is offering 22,500,000 shares from December 18 to December 23, with 10% for public offering in Hong Kong and 90% for international offering. The price range is HKD 48.00 to HKD 55.00 per share, with a minimum investment of HKD 5,555.47 for 100 shares [13][15] - 美联股份 (02671.HK) is offering 24,600,000 shares from December 18 to December 23, with 10% for public offering in Hong Kong and 90% for international offering. The price range is HKD 7.10 to HKD 9.16 per share, with a minimum investment of HKD 2,775.71 for 300 shares [19][21] - 卧安机器人 (06600.HK) is offering 22,222,300 shares from December 18 to December 23, with 10% for public offering in Hong Kong and 90% for international offering. The price range is HKD 63.00 to HKD 81.00 per share, with a minimum investment of HKD 8,181.69 for 100 shares [25][27] - 林清轩 (02657.HK) is offering 13,966,500 shares from December 18 to December 23, with 10% for public offering in Hong Kong and 90% for international offering. The offer price is set at HKD 77.77 per share, with a minimum investment of HKD 3,927.72 for 50 shares [30][32] Group 2: Financial Performance - 英矽智能 reported revenues of USD 30.15 million, USD 51.18 million, USD 85.83 million, USD 59.69 million, and USD 27.46 million for the years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively. The net losses for the same periods were USD 221.83 million, USD 211.64 million, USD 17.10 million, USD 8.03 million, and USD 19.22 million [7] - 五一视界's revenue grew from RMB 169.98 million in 2022 to RMB 256.30 million in 2023, and further to RMB 287.36 million in 2024. The revenue for the six months ending June 30, 2025, was RMB 53.82 million, showing a 62.0% increase from the same period in 2024. The net losses for the same periods were RMB 189.79 million, RMB 87.08 million, RMB 78.97 million, RMB 65.07 million, and RMB 94.05 million [12][12] - 迅策's revenue for the years 2022, 2023, and 2024 was RMB 288 million, RMB 530 million, and RMB 632 million, respectively, with net losses of RMB 97 million, RMB 63 million, and RMB 98 million for the same years [18] - 美联股份 reported revenues of RMB 1,902.84 million, RMB 1,453.18 million, RMB 1,523.03 million, RMB 509.51 million, and RMB 1,424.11 million for the years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively. The net profits for the same periods were RMB 87.71 million, RMB 62.13 million, RMB 70.78 million, RMB 13.61 million, and RMB 62.63 million [23] - 卧安机器人的 revenue for the years 2022, 2023, and 2024 was RMB 274.60 million, RMB 457.26 million, and RMB 609.92 million, respectively, with net losses of RMB 86.98 million, RMB 16.38 million, and RMB 3.07 million. The company reported a net profit of RMB 27.90 million for the six months ending June 30, 2025 [29][29] - 林清轩's total revenue for the years 2022, 2023, 2024, and the six months ending June 30, 2025, was RMB 691.15 million, RMB 805.00 million, RMB 1,209.64 million, RMB 530.45 million, and RMB 1,051.77 million, respectively. The company transitioned from a net loss of RMB 5.93 million in 2022 to a net profit of RMB 84.52 million in 2023 and further increased to RMB 186.83 million in 2024 [34]

海南自由贸易港正式启动全岛封关 自2025年12月18日起，海南自由贸易港正式启动全岛封关。至此，进口征税商品目录、货物流通税收政 策、禁限清单、加工增值内销免关税政策、海关监管办法等一系列封关政策及配套文件同步实施。封关 是海南自贸港建设新阶段的开始，封关后还将不断扩大开放领域，持续完善政策制度体系，努力打造引 领我国新时代对外开放的重要门户。（新华社） 截至今年三季度末 我国基金行业资管产品总规模超80万亿元 12月17日，记者获悉，截至2025年三季度末，基金管理公司及其子公司、证券公司及其子公司、期货公 司及其资管子公司、私募基金管理机构资产管理产品总规模达80.03万亿元，其中，公募基金规模36.74 万亿元，证券公司及其子公司私募资产管理产品规模6.37万亿元，基金管理公司及其子公司私募资产管 理产品规模5.70万亿元，基金管理公司管理的养老金规模6.85万亿元，期货公司及其资管子公司私募资 产管理产品规模0.39万亿元，私募基金规模21.99万亿元，资产支持专项计划（ABS）规模2.18万亿元。 （央视新闻） 拒绝"薅羊毛" 多只货币基金集体限购 多只货币基金近日扎堆发布限购公告，限购额仅1万元 ...

Group 1 - The company, Wuyi Vision, plans to conduct an initial public offering (IPO) from December 18 to December 23, 2025, with a total of 23.9752 million shares available for global sale [1] - The offering will consist of 5% allocated for Hong Kong and 95% for international sales, with a 15% over-allotment option [1] - The expected price per share is HKD 30.5, with a trading unit of 200 shares, and the company aims to list on the Hong Kong Stock Exchange on December 30, 2025 [1] Group 2 - Wuyi Vision is recognized as a leading digital twin technology company in China, focusing on three core areas: 3D graphics, simulation, and artificial intelligence [1] - The digital twin technology creates high-precision virtual replicas of physical objects or systems for observation, analysis, and prediction of their behaviors and changes [1] - The company provides digital twin solutions across various industries, including urban planning, water resource management, energy, automotive, transportation, robotics, entertainment, and social media [1] Group 3 - The net proceeds from the global offering are expected to be approximately HKD 653 million after deducting related expenses [1] - Approximately 80% of the proceeds will be allocated to research and development initiatives, 10% for marketing activities in China and overseas, and the remaining 10% for working capital and general corporate purposes [1]