Group 1 - The core viewpoint of the news is that Beijing 51WORLD Digital Twin Technology Co., Ltd. has received approval from the China Securities Regulatory Commission for its overseas issuance and listing of shares, allowing it to issue up to 77.6 million shares and convert approximately 363 million shares for overseas listing on the Hong Kong Stock Exchange [1][2]. Group 2 - Founded in 2015, the company is a leader in the digital twin technology sector in China, aiming to create a digital version of Earth covering 5.1 million square kilometers [2]. - The company has made significant investments in three key technology areas: 3D graphics, simulation, and artificial intelligence, developing core competencies to provide digital twin solutions to various partners [2]. - According to Frost & Sullivan, the company is the first in the digital twin industry to propose and implement the "Earth Cloning Project," ranking first in revenue within the industry in 2024 and achieving over 250 million HKD in revenue within a year [2].

星标★IPO日报 精彩文章第一时间推送 摩尔线程刚创下2025年科创板年内最大规模IPO，在12月5日登陆A股，其参与投资的公司也开启了其三闯港股之旅。 12月2日，北京五一视界数字孪生科技股份有限公司（下称"五一视界"）向港交所递交招股书，中金公司和华泰国际是联合保荐人。这是其继2024年11月 29日、2025年5月30日先后两次递表失效之后的第三次申请。 IPO日报注意到，摩尔线程和商汤均持有五一视界的股份，五一视界8轮融资后估值增长了约 47 倍达到44亿元，近三年营收增长，净利润亏损收窄，但毛 利率持续下滑。 张力制图 毛利率持续下滑 五一视界成立于2015年2月，是一家在中国的数字孪生科技公司，已围绕3D图形、模拟仿真及人工智能三大领域的技术进行大量投资并发展核心竞争力。 所谓数字孪生技术是一种利用3D图形、模拟仿真及AI来生成实体物件或系统（例如城市建筑或车辆）的高精确度虚拟复制品技术。 五一视界在2017年提出"地球克隆计划"，即通过在虚拟世界中复刻5.1亿平方公里的地球、打造一个超大型仿真模拟器，是数字孪生行业内首家提出并始 终实践地球克隆计划的公司。 五一视界认为创建一个数字孪生地球可拆解 ...

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].

Group 1: IPO Developments - Moer Thread officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5, 2025, under the stock code "688795," becoming the first full-function GPU company to enter the capital market in China [3][7] - Guangzhou Yujian Xiaomian Restaurant Co., Ltd. listed on the Hong Kong Stock Exchange on December 5, 2025, under the stock code "2408," marking it as the first stock of a Chinese noodle restaurant [8][10] - HashKey Holdings Limited passed the hearing for listing on the Hong Kong Stock Exchange, aiming to become a comprehensive digital asset company [11][13] Group 2: Company Highlights - Moer Thread focuses on the independent research and design of full-function GPUs, integrating AI computing acceleration, graphics rendering, physical simulation, and scientific computing into a single chip, which enhances market adaptability and technological extensibility [4][5] - Yujian Xiaomian plans to open approximately 520 to 610 new restaurants over the next three years, aiming to exceed 500 total locations by the end of the current year [8][9] - HashKey is recognized as the largest regional onshore platform in Asia by trading volume and the largest on-chain service provider by staked assets [11][12] Group 3: Financial Performance - Moer Thread achieved a revenue of 702 million yuan in the first half of the year, nearly 1.6 times the projected full-year revenue for 2024, with a compound annual growth rate exceeding 200% from 2022 to 2024 [6] - Yujian Xiaomian's total revenue from 2022 to 2024 was 418 million yuan, 800 million yuan, and 1.154 billion yuan, with a compound annual growth rate of 66.2% [9] - 51WORLD's revenue from 2022 to 2024 was 170 million yuan, 256 million yuan, and 287 million yuan, with a 63.6% increase in the first half of 2024 compared to the same period in 2023 [22][23]

" 克隆地球 " 的梦想正遭遇现实的考验，五一视界面对亏损扩大、毛利率下滑、现金流承压的困境，港股上市已成为一条必须及时跨过 门槛 ▶ 五一世界再度递表港交所，上半年收入虽有增长，但亏损也同 步扩大 ▶ 上半年毛利率同比下跌10个百分点至41.1% Image Key takeaways: "克隆地球"听起来像科幻电影的情节。把现实世界完整复制到虚拟空间，让城市运行、交通流量、水利调度甚至无人驾驶训练，都能 在一个高度还原的数位世界先行推演。这正是北京五一视界数字孪生科技股份有限公司反覆试图说服资本市场的故事。 继去年底首次递表后，时隔约一年，五一视界取得中国证监会境外上市申请备案，继续以港交所18C规则冲刺港股上市。相比首次递 表时市场对"数字孪生"题材的热烈幻想，如今投资人更关注的是这家企业能否在产业落地与商业化层面追上愿景的节奏。 百分点至41.1%。 这显示公司收入连年增长，亏损却尚未收敛，而盈利能力正在下滑。究其原因，与其业务结构转变有关。 从软件平台到工程统包 五一视界的核心产品线包括51Aes数字孪生平台、51Sim合成数据与仿真平台，以及仍在孵化期的51Earth数字地球平台。其中， 51Ae ...

Core Viewpoint - The company, Wuyishijie, has updated its prospectus for the third time, aiming for a public offering after previously attempting to list on the STAR Market and the Beijing Stock Exchange. It has received approval from the China Securities Regulatory Commission [1][3]. Financial Performance - In the first half of 2025, Wuyishijie reported revenue of 53.82 million RMB, a year-on-year increase of 62%. However, the adjusted net loss expanded by 11.4% to 67.18 million RMB [1][4]. - Revenue has shown consistent growth from 169.977 million RMB in 2022 to 256.302 million RMB in 2023, and 287.362 million RMB in 2024. The adjusted net loss decreased from 132 million RMB in 2022 to 68.08 million RMB in 2023, and further to 43.07 million RMB in 2024, before reversing in 2025 [4][5]. - The gross margin has declined from 65% in 2022 to 41.1% in the first half of 2025, a drop of 8.9 percentage points compared to the same period in 2024 [4][5]. Cost Structure - Sales costs increased significantly, with 2025 first-half sales costs rising by 90.7% to 31.69 million RMB compared to the previous year, leading to a sales cost-to-revenue ratio of 58.9% [4][5]. - The cost of purchasing software accounted for 60.5% of sales costs in the first half of 2025, an increase of 41.8 percentage points from the same period in 2024 [5][6]. Research and Development - R&D expenses in the first half of 2025 were 30.14 million RMB, showing a slight increase from 28.59 million RMB in the same period of 2024. However, R&D spending has decreased in proportion compared to sales and administrative expenses [5][6]. - The company plans to hire 50-100 R&D personnel over the next three years, with the current R&D team size decreasing from 130 in January 2024 to 114 in the first half of 2025 [5][6]. Business Segments - The digital twin platform 51Aes remains the primary revenue driver, contributing approximately 81.4% of total revenue. Other platforms, such as 51Sim and 51Earth, contributed 14.8% and 3.9% respectively in the first half of 2025 [1][10]. - The company has emphasized new products in spatial intelligence and embodied intelligence, including the Clonova platform, although this product was not mentioned in the latest prospectus [11][12]. Legal Matters - Wuyishijie settled a legal dispute by paying 7 million RMB to a service provider, which had previously claimed 23 million RMB for contract violations [6][9].

Core Viewpoint - Beijing Wuyi Vision Digital Twin Technology Co., Ltd. has updated its prospectus for a Hong Kong IPO, showing significant revenue growth and a reduction in net losses, indicating a strong market position in the "digital twin + AI" sector [1][6]. Financial Performance - Revenue projections for Wuyi Vision from 2022 to the first half of 2025 are as follows: 170 million yuan, 256 million yuan, 287 million yuan, and 54 million yuan, with a 62% year-on-year growth expected in the first half of 2025 [1][6]. - Adjusted net losses are expected to decrease from 132 million yuan in 2022 to 43 million yuan in 2024 [1][6]. Business Platforms - Wuyi Vision has established three main business platforms: 51Aes (Digital Twin Platform), 51Sim (Synthetic Data and Simulation Platform), and 51Earth (Digital Earth Platform) [2][7]. - In 2024, 51Aes is projected to generate 236 million yuan, accounting for 82.1% of total revenue, while 51Sim and 51Earth are expected to contribute 48 million yuan and 4 million yuan, respectively [2][7]. Technological Advantages - The company integrates core technologies in 3D graphics, simulation, and AI, creating a strong competitive edge in sectors like smart cities, water conservancy, and energy [2][7]. - The self-developed SimOne platform has served over 100 clients, significantly reducing testing time for autonomous driving from days to minutes [2][7]. Strategic Goals - Wuyi Vision's "Clone Earth" initiative is progressing steadily, with plans to achieve advanced capabilities by 2030, including support for complex decision-making in traffic management and climate prediction [4][9]. - The company has established a strong presence in the digital twin solutions market, ranking first in China with a projected revenue exceeding 250 million Hong Kong dollars in 2024 [4][9]. Intellectual Property and Standards - Wuyi Vision holds 265 software copyrights and patents and has participated in the formulation of 41 standards, enhancing its influence in the emerging technology sector [10]. - The shift from technology output to rule-making signifies a strategic evolution towards ecosystem-level competition [10]. Funding and Valuation - The company has completed eight rounds of financing, with notable investors including Lightspeed China Partners and SenseTime, and recently raised 200 million yuan in a Pre-IPO round, leading to a post-investment valuation of approximately 4.4 billion yuan [10]. Future Outlook - The focus remains on building technological barriers and deepening core scenarios, with expectations for digital twin technology to evolve from visualization to decision-making capabilities [5][10]. - Wuyi Vision is positioned to become a key provider of global spatial intelligence infrastructure, especially as demand for embodied intelligence and autonomous driving surges [5][10].

Core Viewpoint - The company, Beijing Wuyi Shijie Digital Twin Technology Co., Ltd., has updated its prospectus for a Hong Kong IPO, showing significant revenue growth and a reduction in net losses, indicating a strong market position in the digital twin and AI sectors [1][4]. Financial Performance - Revenue projections for the company are as follows: 170 million yuan in 2022, 256 million yuan in 2023, 287 million yuan in 2024, and 54 million yuan in the first half of 2025, with a year-on-year growth of 62% expected for the first half of 2025 [1]. - Adjusted net losses are expected to decrease from 132 million yuan in 2022 to 43 million yuan in 2024 [1]. Business Model and Technology - The company has established three main business platforms: 51Aes (Digital Twin Platform), 51Sim (Synthetic Data and Simulation Platform), and 51Earth (Digital Earth Platform) [2]. - In 2024, 51Aes is projected to generate 236 million yuan, accounting for 82.1% of total revenue, while 51Sim and 51Earth are expected to contribute 48 million yuan and 4 million yuan, respectively [2]. - The core advantage lies in the integration of rendering engines, data loops, and industry models, creating high customer switching costs in sectors like smart cities and energy [2]. Market Position and Competitive Advantage - The company aims to "clone the Earth" and has achieved real-time generation and rendering capabilities at the city level, with plans to enhance decision-making capabilities by 2030 [4]. - It ranks first in the Chinese digital twin solutions market for 2024, being the first Chinese company to exceed 250 million Hong Kong dollars in annual revenue [4]. - The company holds 265 software copyrights and patents and has participated in the formulation of 41 standards, indicating a strong position in standard-setting within emerging technologies [4]. Investment and Financing - The company has completed eight rounds of financing, with notable investors including Lightspeed China Partners and SenseTime, and recently raised 200 million yuan in a Pre-IPO round, valuing the company at approximately 4.4 billion yuan [4]. Future Outlook - The focus remains on building technological barriers and deepening core scenarios, with expectations that the value of digital twins will evolve from visualization to decision-making capabilities through physical AI [5]. - The company is positioned to become a significant provider of global spatial intelligence infrastructure as demand for embodied intelligence and autonomous driving surges [6].

根据中国证监会网站信息，五一视界已拿到境外发行上市备案通知书。公司拟发行不超过77,600,840股 境外上市普通股并在香港联合交易所上市。公司38名股东拟将所持合计363,299,144股境内未上市股份转 为境外上市股份，并在香港联合交易所上市流通。 北京商报讯(记者魏蔚)12月2日，数字孪生企业五一视界向港交所递交了最新版招股书，2025年营收 5382万元，同比增长62%，经调整净亏损6717.7万元，同比扩大11.4%。公司2022-2024年营收分别是1.7 亿元、2.56亿元、2.87亿元，经调整净亏损分别是1.32亿元、6808.1万元和4306.5万元。 ...

（原标题：五一视界冲刺港股IPO） 12月2日，港交所披露，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")提交上市申请，拟于港股上市，联席保荐人为中金公司和 华泰国际。 五一视界是一家在中国的数字孪生科技公司，围绕3D图形、模拟仿真及人工智能三大领域的技术进行大量投资并发展核心竞争力。 招股书显示，数字孪生技术是一种利用3D图形、模拟仿真及AI来生成实体物件或系统（例如城市建筑或车辆）的高精确度虚拟复制品技术。此虚 拟模型可详细反映现实世界的对应物，使用户能够观察、分析及预测其随时间的行为及变化。数字孪生应用于各个领域，以模拟及规划城市发 展、交通管理及紧急应变策略等影响实际环境的场景。五一视界主要为不同规模及行业的企业提供数字孪生解决方案。公司的行业解决方案涵盖 十多个领域，例如城市、水资源保护、能源、汽车、交通、机器人、娱乐及社交媒体。 公司于2015年2月成立。基于信息数据量的显著增长以及信息载体的迅速进步，公司的创始人观察到实时3D将成为继文本、图像及视像后最有效 的信息交互方式，亦为信息时代发展的必然结果。当时，实时3D主要用于游戏领域，目的使用户沉浸于一种虚拟世界的娱乐交互中。鉴于科 ...