北京五一視界數字孿生科技股份有限公司 Beijing 51WORLD Digital Twin Technology Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 6651 全球發售 聯席保薦人、整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牵頭經辦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牵頭經辦人 聯席賬簿管理人及聯席牵頭經辦人 北京五一視界數字孿生科技股份有限公司 Beijing 51WORLD Digital Twin Technology Co., Ltd. Beijing 51WORLD Digital Twin Technology Co., Ltd. 重要提示 閣下如對本招股章程的任何內容有任何疑問，應諮詢獨立專業意見。 北京五一視界數字孿生科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 全球發售的發售股份數目 ： 23,975,200股H股（視乎超額配股權行使與否而定） 香港發售股份數目 ： 1,198,800股H股（可予重新分配） 國際配售股份數目 ： 22,776,400股H股（可予重新分配及視乎超額配股權 行使與否而定 ...

Core Viewpoint - 51WORLD, a digital twin technology company, has passed the listing hearing on the Hong Kong Stock Exchange and aims to become the first Physical AI stock, with CICC and Huatai International as joint sponsors [1] Group 1: Company Overview - 51WORLD was established in February 2015 and focuses on cloning Earth's 5.1 million square kilometers through significant investments in 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), with applications in over 1,000 large and medium-sized enterprises across 19 countries and regions [1] Group 2: Industry Context - Physical AI is emerging as a new direction in the global technology industry, representing the next wave of AI with a market potential worth trillions of dollars [1] - The essence of Physical AI involves integrating physical laws with AI technology to optimize AI-generated content, making it more aligned with real-world logic and rules [1] Group 3: Technological Capabilities - 51WORLD has built a comprehensive technical capability in the three key components of Physical AI: data fuel, spatial models, and training platforms, creating a closed-loop ecosystem that is difficult to replicate [2] - The company has received over 265 software copyrights and valid authorized patents, contributing to its status as a national-level specialized "little giant" enterprise [4] Group 4: Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 were RMB 170 million, RMB 256 million, RMB 287 million, and RMB 54 million respectively, with a year-on-year revenue growth of 62% in the first half of 2025 [4] - Corresponding net losses were RMB 190 million, RMB 87 million, RMB 79 million, and RMB 94 million, with adjusted net losses of RMB 132 million, RMB 68 million, RMB 43 million, and RMB 67 million [4] Group 5: Investment and Financing - 51WORLD has undergone eight rounds of financing, ranking first in the Chinese digital twin solution market by financing amount as of December 31, 2024, with the last round valuation reaching RMB 4.4 billion [4] - The company has attracted investments from notable funds such as Lightspeed, Yunjiu, Star VC, and industry investors like SenseTime and Moore Threads, as well as individual investors like Ge Weidong and Liang Bota [4] Group 6: Market Potential - Industry insiders believe that if 51WORLD successfully lists on the Hong Kong Stock Exchange, it will not only fill a gap in the Physical AI sector but also become a highly sought-after investment target due to its unique technology and ecological barriers [5]

Core Viewpoint - 51WORLD is not merely a digital twin company but a physical intelligent infrastructure company, positioning itself as a leader in the emerging Physical AI sector [1][8]. Group 1: Company Overview - 51WORLD has passed the Hong Kong Stock Exchange hearing and is set to become the first "Physical AI" stock in the Hong Kong market [2]. - The company has evolved through three stages: Digital Twin, Simulation, and currently, Physical AI, showcasing its commitment to advancing AI technology [4]. Group 2: Technological Development - The 51Aes digital twin base serves as the "world expression layer" for Physical AI, enabling multi-source data fusion and real-time synchronization [4]. - The 51Sim simulation and training platform represents the "deduction and learning layer," allowing for high-confidence physical sensor simulation and large-scale strategy deduction [4][7]. Group 3: Commercial Applications - 51Aes has been applied across over ten industries, including urban planning, water management, and healthcare, while 51Sim is projected to grow at a compound annual growth rate of 22.5% from 2022 to 2024 [5]. - The company has established a closed-loop ecosystem for Physical AI, with successful implementations in smart driving, transportation hubs, and smart factories [6]. Group 4: Future Prospects - 51WORLD has launched two new AI platforms, Clonova and Aperdata, to bridge the digital and physical worlds, and is increasing investments in AI focused on "AI×3D" integration [8]. - According to IDC, the global robotics market is expected to exceed $400 billion by 2029, with embodied intelligent robots becoming a key segment, highlighting the growing importance of companies like 51WORLD [10].

Group 1 - The core viewpoint of the news is that 51WORLD has passed the listing hearing on the Hong Kong Stock Exchange and aims to become the first Physical AI company to go public, with CICC and Huatai International as joint sponsors [1][2]. - 51WORLD, established in February 2015, focuses on cloning Earth's 5.1 million square kilometers and has invested heavily in 3D graphics, simulation, and artificial intelligence, developing three core businesses: 51Aes (digital twin platform), 51Sim (synthetic data and simulation platform), and 51Earth (digital earth platform) [1][2]. - The company has a global presence, with its products and solutions applied by over 1,000 large and medium-sized enterprises across 19 countries and regions [1]. Group 2 - Physical AI is emerging as a new direction in the global technology industry, representing the next wave of AI with a market potential worth trillions of dollars. It combines physical laws with AI technology to optimize AI-generated content [2]. - 51WORLD has built a comprehensive technical capability in the three key components of Physical AI: data fuel, spatial models, and training platforms, creating a closed-loop ecosystem that is difficult to replicate [2]. - In terms of financial performance, 51WORLD's revenues for 2022, 2023, 2024, and the first half of 2025 were RMB 170 million, 256 million, 287 million, and 54 million respectively, with a year-on-year revenue growth of 62% in the first half of 2025 [2]. Group 3 - As a national-level specialized "little giant" enterprise, 51WORLD has obtained over 265 software copyrights and valid patents, contributing to the enhancement of industry standards and optimization of industrial structure [3]. - The company has undergone eight rounds of financing, ranking first in the Chinese digital twin solution market, with the latest valuation reaching RMB 4.4 billion. Its investors include prominent funds and industry players [3]. - Industry insiders believe that if 51WORLD successfully lists on the Hong Kong Stock Exchange, it will fill a gap in the Physical AI sector and become a highly sought-after investment opportunity due to its unique technology and ecological barriers [3].

香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不就因本聆訊後資料集全部或任何部分內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 Beijing 51WORLD Digital Twin Technology Co., Ltd. 北京五一視界數字孿生科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」） 的要求而刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向本公司、其聯席保薦人、整體協調人、顧問及包銷團成員表示同意： 於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前， 不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，有意投資者 務請僅依據於香港公司註冊處處長登記的本公司招股章程作出投資決定；該文件的文本將 ...

电脑里模拟各种情况的后果，从而在现实世界中做出更聪明，更安全的选择。 不过，它的愿景更为宏大：它要克隆5.1亿平方公里的地球。并且，"克隆地球"计划宣称还差一个阶 段就能完成，时间是2030年。 51WORLD是现在中国数字孪生行业的收入规模最大的解决方案提供商，但是2024年营收营收不 高，只有近3亿元，同比增长12%，累计亏损超过5亿元了。 「IPO全观察」 栏目聚焦首次公开募股公司，报道企业家创业经历与成功故事，剖析公司商业模式 和经营业绩，并揭秘VC、CVC等各方资本力量对公司的投资加持。 作者丨薛皓皓 编辑丨巴里 图源丨 51WORLD官网 近日，要克隆地球5.1亿平方公里的51 World（北京五一视界数字孪生科技股份有限公司）第三次递 交港股招股书，冲击港股上市。 51WORLD成立于2015年，做的是数字孪生，简单而言，是将现实世界的楼房、道路、桥梁、园 区、公园等，克隆到电脑软件内，并联通数据运行状态，比如交通流量、温度、设备运转情况等，实 现现实情况向3D系统的动态映射。 现在，51WORLD已向城市管理、工业能源、汽车交通等领域的1000多家国内客户提供了数字孪生 解决方案，为各家客户的 ...

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].

Core Viewpoint - The article highlights the recent IPO of Beijing Wuyi Shijie Digital Twin Technology Co., Ltd. (Wuyi Shijie), which is the largest IPO on the Sci-Tech Innovation Board in 2025, and its third attempt to list on the Hong Kong Stock Exchange after two previous failed submissions [1][2]. Company Overview - Wuyi Shijie, established in February 2015, focuses on digital twin technology, investing heavily in 3D graphics, simulation, and artificial intelligence to develop its core competencies [4]. - The company proposed the "Earth Cloning Project" in 2017, aiming to replicate 5.1 million square kilometers of Earth in a virtual environment, making it the first in the industry to pursue this initiative [5]. Business Development - Wuyi Shijie has launched three core business platforms: 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 and regions [6]. - According to Frost & Sullivan, Wuyi Shijie ranks first in revenue in the digital twin industry in 2024 and is the first in China to achieve over 250 million HKD in revenue within a year [6]. Financial Performance - The company reported revenues of 170 million CNY, 256 million CNY, 287 million CNY, and 54 million CNY 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 CNY, 87 million CNY, 79 million CNY, and 94 million CNY, with adjusted net losses showing a significant reduction [6][7]. Profitability Metrics - Wuyi Shijie's gross margins have been declining, recorded at 65%, 54.2%, 51.1%, and 41.1% over the same periods [7]. Investment and Valuation - After eight rounds of financing, Wuyi Shijie's valuation has increased approximately 47 times to 4.4 billion CNY as of 2024 [16]. - Key investors include Moer Thread and SenseTime, with Moer Thread holding 0.5% and SenseTime holding 2.3% of the company [17].

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]