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申請版本的內容概不負責，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申請版本全部或任何部分內 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） 的申請版本 警 告 本申請版本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。 本申請版本為草擬本，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： 倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請僅依據於香港公司註冊處處 長註冊的本公司文件作出投資決定；文件的文本將於發售期內向公眾人士派發。 947155 \ (Project DoS_Redacted) \ 02/12/2025 \ M11 (a) 本文件僅為向香 ...

Core Viewpoint - The China Securities Regulatory Commission has confirmed the overseas listing applications for several companies, including Dongpeng Beverage, Saintong Medical, Youlesai, Linqingxuan, Jinxun Co., Muyuan Foods, Basic Semiconductor, Huasheng Technology, Xiantong International, and Wuyi Vision, with Huasheng Technology applying for a listing in Taiwan and the others in Hong Kong [1]. Group 1: Dongpeng Beverage - Dongpeng Beverage plans to issue no more than 66,446,000 overseas ordinary shares and list on the Hong Kong Stock Exchange [1]. - The company focuses on beverage R&D, production, and sales, particularly in the functional beverage sector, with products including energy drinks, sports drinks, tea, coffee, plant protein drinks, and fruit and vegetable juices [3]. - Financial projections for Dongpeng Beverage show revenues of 8.5 billion, 11.257 billion, 15.83 billion, and 10.732 billion for 2022 to 2025, with corresponding net profits of 1.441 billion, 2.04 billion, 3.326 billion, and 2.375 billion [3]. Group 2: Saintong Medical - Saintong Medical intends to issue no more than 12,298,300 overseas ordinary shares and list on the Hong Kong Stock Exchange [1]. - The company specializes in the R&D, production, and sales of special medical purpose formula foods, particularly in the infant medical food sector [5]. - Financial forecasts for Saintong Medical indicate revenues of 491 million, 654 million, and 834 million for 2022 to 2024, with net profits of 83.89 million, 170 million, and 91.14 million [5]. Group 3: Youlesai - Youlesai plans to issue no more than 26,833,500 overseas ordinary shares and list on the Hong Kong Stock Exchange [1]. - The company is a leading integrated circular packaging service provider for the automotive industry, offering solutions and smart logistics systems [8]. - Financial projections for Youlesai show revenues of 648 million, 794 million, and 838 million for 2022 to 2024, with net profits of 3.12 million, 64.15 million, and 50.74 million [8]. Group 4: Linqingxuan - Linqingxuan intends to issue no more than 16,061,400 overseas ordinary shares and list on the Hong Kong Stock Exchange [1]. - The company is a high-end skincare brand focusing on plant-based skincare products, using camellia oil as a core ingredient [10]. - Financial forecasts for Linqingxuan indicate revenues of 691 million, 805 million, and 1.21 billion for 2022 to 2024, with net profits of -5.93 million, 84.52 million, and 187 million [10]. Group 5: Jinxun Co. - Jinxun Co. plans to issue no more than 42,280,400 overseas ordinary shares and list on the Hong Kong Stock Exchange [1]. - The company is involved in the development, smelting, and processing of non-ferrous metal new energy materials, with core businesses including cathode copper production and cobalt product processing [11]. - Financial projections for Jinxun Co. show revenues of 637 million, 676 million, and 1.77 billion for 2022 to 2024, with net profits of 84 million, 29 million, and 202 million [11]. Group 6: Muyuan Foods - Muyuan Foods intends to issue no more than 546,276,700 overseas ordinary shares and list on the Hong Kong Stock Exchange [1]. - The company operates a full industry chain in pig farming, including feed processing, breeding, and meat processing [12]. - Financial forecasts for Muyuan Foods indicate revenues of 124.8 billion, 110.9 billion, and 138 billion for 2022 to 2024, with net profits of 14.933 billion, -4.168 billion, and 18.925 billion [12]. Group 7: Basic Semiconductor - Basic Semiconductor plans to issue no more than 39,357,800 overseas ordinary shares and list on the Hong Kong Stock Exchange [1]. - The company focuses on the R&D and industrialization of silicon carbide power devices, with products used in photovoltaic storage and industrial control [15]. - Financial projections for Basic Semiconductor show revenues of 117 million, 221 million, and 299 million for 2022 to 2024, with net losses of 242 million, 342 million, and 237 million [15]. Group 8: Huasheng Technology - Huasheng Technology intends to issue no more than 9,100,000 ordinary shares and list on the Taiwan Stock Exchange [1]. - The company specializes in manufacturing electronic connectors and related products, including automotive wiring harnesses and RF antennas [17]. Group 9: Xiantong International - Xiantong International plans to issue no more than 9,259,900 overseas ordinary shares and list on the Hong Kong Stock Exchange [1]. - The company is a comprehensive enterprise focusing on pharmaceutical R&D, production, and sales, with a pipeline targeting oncology and neurodegenerative diseases [19]. - Financial forecasts for Xiantong International indicate revenues of 10.23 million and 44.06 million for 2022 to 2024, with net losses of 309 million and 156 million [19]. Group 10: Wuyi Vision - Wuyi Vision intends to issue no more than 77,600,840 overseas ordinary shares and list on the Hong Kong Stock Exchange [1]. - The company focuses on digital twin technology, providing applications for smart cities and industrial simulation [21]. - Financial projections for Wuyi Vision show revenues of 170 million, 256 million, and 287 million for 2022 to 2024, with net losses of 190 million, 87 million, and 82 million [21].

Core Viewpoint - Beijing Wuyi Vision Digital Twin Technology Co., Ltd. has received approval from the China Securities Regulatory Commission for its overseas listing, indicating a significant step in its expansion strategy [1] Company Summary - The company plans to issue up to 77.601 million ordinary shares on the Hong Kong Stock Exchange [1] - A total of 360 million shares held by 38 shareholders will be converted from domestic unlisted shares to overseas listed shares for circulation on the Hong Kong Stock Exchange [1] - Wuyi Vision focuses on cloning Earth's 5.1 million square kilometers and operates within the digital twin industry [1] - The company has made substantial investments in three key technology areas: 3D graphics, simulation, and artificial intelligence, to develop its core competencies [1]

Group 1 - The China Securities Regulatory Commission has issued a notice regarding the overseas issuance and domestic unlisted shares "full circulation" filing for Beijing May Day Vision Digital Twin Technology Co., Ltd [1] - The company plans to issue no more than 77,600,840 overseas listed ordinary shares and list them on the Hong Kong Stock Exchange [1] - A total of 38 shareholders intend to convert their combined 363,299,144 domestic unlisted shares into overseas listed shares for circulation on the Hong Kong Stock Exchange [1] Group 2 - 51WORLD is a technology company focused on cloning Earth's 5.1 million square kilometers, operating within the digital twin industry [3] - The company has made significant investments in three key areas: 3D graphics, simulation, and artificial intelligence, to develop its core competencies [3] - The goal of the company is to provide access and build digital twin solutions for ecosystem partners, including enterprises, consumers, and developers, ultimately creating a real, complete, and enduring "digital twin Earth" [3]

Group 1 - The China Securities Regulatory Commission has issued a notice regarding the overseas issuance and listing of Beijing May Day Vision Digital Twin Technology Co., Ltd, allowing the company to issue up to 77,600,840 overseas listed ordinary shares for listing on the Hong Kong Stock Exchange [1] - The company has 38 shareholders who plan to convert a total of 363,299,144 shares of unlisted domestic shares into overseas listed shares for circulation on the Hong Kong Stock Exchange [1] Group 2 - 51WORLD is a technology company focused on creating a digital twin of Earth, covering an area of 5.1 million square kilometers, and operates within the digital twin industry [3] - The company has made significant investments in three key areas: 3D graphics, simulation, and artificial intelligence, to develop its core competencies [3] - The company's goal is to provide solutions for ecosystem partners, including enterprises, consumers, and developers, to access and build digital twins, ultimately aiming to create a real, complete, and enduring "digital twin Earth" [3]

Core Insights - Polycarbonate (PC) sheets are preferred materials in construction, transportation, and industrial production due to their high transparency, strength, and excellent weather resistance [1] - Shanghai Huili-Tage Sheet Co., Ltd. is a leading player in the domestic polycarbonate sheet industry with 29 years of experience and strong financial and technical capabilities [1][3] Company Overview - Shanghai Huili-Tage Sheet Co., Ltd. was established in 1996, with a registered capital of 92.8 million yuan and fixed assets of 85.2 million yuan [1] - The company is recognized for its robust funding and technical strength, making it a key player in the polycarbonate sheet market [1] Technological and R&D Strength - The company holds 6 national invention patents and 38 utility model patents [3] - It has led the development of several national standards for polycarbonate sheets, including GB/T44570-2024 and JG/T116-2012 [3] Production and Quality Control - Equipped with 5 fully automated production lines, including 3 advanced lines from Italy's OMIPA [4] - The product range includes over 70 specifications, ensuring high quality with a dual-sided 80μm UV coating that guarantees a light transmittance decrease of ≤6% and a yellow index change of ≤10 over 15 years [4] - The company has obtained ISO9001, ISO14001, and OHSAS18001 certifications, with some products also holding CE and UL international certifications [4] Engineering Applications and Case Studies - The products are widely used in high-speed rail stations, airport terminals, urban corridors, and industrial plants [5] - Notable projects include: - Nanjing Station: 25mm U-shaped hollow lock buckle board system for high-speed rail roofing [6] - Shenzhen North Station: 25mm multi-layer hollow board with excellent thermal insulation and light transmission [8] - Chongqing East Station: 15mm solid board with proven high strength and weather resistance [8] Market Positioning and Recommendations - The company is positioned as a top choice for high-quality, long-lasting engineering projects, suitable for public buildings, industrial plants, and transportation facilities [8][10] - Recommendations for selecting PC sheets include prioritizing manufacturers with national standard participation and international certifications, such as Shanghai Huili-Tage [10] Common Questions - PC sheets are categorized into solid sheets, hollow sheets, multi-layer sheets, and special-shaped sheets to meet various construction and industrial needs [14] - To assess the weather resistance of sheets, one should review light transmittance, yellowing index, and accelerated aging test data [15] - Joint ventures typically possess advanced production lines and technical expertise, leading to higher product consistency and quality stability [16]

智能制造产品在海外市场销售的过程中，一个普遍问题日益凸显——不少手握"黑科技"的科技企业困 于"表达短板"，难以向语言不通的外国人讲清楚产品的技术原理和使用方法。 "有几个老客户提出，能不能帮他们做一个3D效果的产品说明书，用来给国外客户做展示，我们意识 到，这或许可以成为发挥我们优势的转型方向。"七月你好创始人高超举例道，一家科创企业研发了一 款用于生物废水处理的管状装置，其内部形成的特定磁场能够有效分解生物废水中的有毒有害物质，从 而降低后续废水处理的成本，为生物环保提供了一种新的解决方案。 这一装置虽然技术含量高，但外观看起来就是一根普通的管子。"他们遇到的问题是，很难让客户相 信，这样看似普通的管子能处理有害物质。"高超说，"这也是很多企业找到我们的原因，产品要么太复 杂，无法用语言直接讲清楚；要么太简单，从外表上看不出门道。" 2.从"大场景"到"小赛道"成功转型 从德国鲁尔区的老牌工厂，到越南胡志明市的新兴工业园，全世界90%的制造业集群中，几乎都能找到 中国智能装备的身影，有时甚至是在人们意想不到的场景，比如西班牙某葡萄酒庄的自动化灌装线，或 是中东某处油气田。 这些藏在产业链中游的"技术硬核" ...

Core Insights - The recent additional investment from Hefei High-tech Venture Capital Management Partnership signifies continued confidence in the company's growth potential in the video twin technology sector [1][2] - The company has established itself as a leader in the digital twin industry, particularly in video twin technology, with a unique technical system that integrates various data sources for real-time monitoring and decision-making [2][3] Investment Details - Hefei High-tech Venture Capital, initiated by the Hefei High-tech Zone Management Committee, focuses on technology innovation investments and manages a total fund size of approximately 10 billion [1] - The previous investment round in early 2025 from Ronghui Taihe amounted to several tens of millions, indicating strong investor interest [1] Technology and Development Focus - The company is concentrating on enhancing its "Zhuanzhou" 3D GIS engine, aiming for AI integration, visual-computing unification, and industry-specific applications [3] - The proprietary "Zhuanzhou" video twin engine addresses traditional digital twin challenges by synchronizing real-time video streams with IoT data and GIS information, enabling millisecond-level synchronization between virtual and physical entities [2][3] Strategic Goals - The funding will be directed towards three main areas: core technology research and development, expansion of standardized product lines, and acceleration of national marketing channel development [3] - The company's philosophy emphasizes self-sustaining profitability as a driver for technological innovation, which has garnered ongoing trust from investors and solidified its industry-leading position [3]

Core Insights - The collaboration between Xiangdi Xian Computing Technology Co., Ltd. and China Mobile Internet of Things Co., Ltd. marks a significant advancement in the domestic digital twin ecosystem, achieving autonomy in hardware, drivers, and rendering engines, thus creating new opportunities for domestic development [1] Group 1: Empowering ISV Ecosystem Innovation - The solution is built on the Xiangdi Xian R1900 graphics card and the Kunling digital twin platform, aligning closely with software development needs [3] - It supports Vulkan 1.4 graphics standard and WebGPU modern graphics API, reducing the cost of product migration and adaptation for software vendors [3] - The Lossless-FBCDC compression technology reduces memory bandwidth requirements by 30%-50%, while intelligent multi-core scheduling increases GPU utilization by 20%-30%, ensuring stable rendering performance for large-scale BIM and GIS data [3] - The Kunling platform offers a complete development toolchain and technical documentation, effectively shortening the application development cycle for ISV vendors [3] Group 2: Expanding Industry Application Scenarios - The solution meets strict requirements for autonomy and information security in government and public service projects, providing a reliable technical foundation for smart cities and digital government applications [4] - In industrial manufacturing, the performance of the solution satisfies the actual needs of most manufacturing clients in scenarios like industrial simulation and production line digital twins [4] - The overall performance enhancement ensures stable operation in high real-time requirement applications, such as emergency management scenarios like flood control and emergency command [4] Group 3: Seizing Opportunities and Creating Industry Value - The deep cooperation between Xiangdi Xian and China Mobile Internet of Things provides a new collaboration paradigm for ISV vendors, shifting from simple product procurement to deeper ecosystem co-construction [6] - The solution has completed technical validation and scenario implementation in the water conservancy sector, indicating its potential for priority support in government procurement and industry digitalization as national requirements for autonomy deepen [6] - This technological breakthrough presents new development opportunities for the domestic digital twin industry chain, encouraging domestic manufacturers to seize this chance to advance the maturity and completeness of the domestic technology ecosystem [6]

Core Insights - Digital twin technology is becoming a key driver for restructuring urban governance systems in Jiangsu Province, transitioning from experience-driven to data-driven governance through projects like "integrated vehicle-road-cloud" and "digital canal" [1][2] Strategic Positioning - The essence of digital twin cities lies in reshaping urban operational logic through data flow, with Jiangsu's "14th Five-Year" digital economy development plan emphasizing comprehensive digital scenarios across various sectors [2] - Jiangsu has established a robust hardware foundation for digital twin cities, with 289,500 5G base stations and 350,000 standard data center racks, positioning itself second nationally [2] Scene Revolution - The "integrated vehicle-road-cloud" project in Wuxi has improved traffic efficiency by 50% through advanced technology, while the digital canal service platform in Yangzhou has reduced accident response time by 40% and increased cultural tourism revenue by 22% [3][4] Technological and Regulatory Synergy - Jiangsu's approach combines technological innovation with regulatory frameworks, such as the establishment of cross-departmental data sharing mechanisms and public data open regulations, enhancing data resource utilization [5][6] Industry Ecosystem Development - The successful implementation of projects like the "integrated vehicle-road-cloud" has fostered a cluster of digital twin technology enterprises, creating a complete industrial chain from hardware manufacturing to algorithm development [6] Recommendations for Advancement - Suggestions include improving data governance, enhancing technical integration, fostering industry ecosystems, and expanding application scenarios to cover more sectors like environmental protection and healthcare [7][8][9] Future Outlook - Jiangsu's practices highlight the need for a balanced relationship between technology, regulations, and ecosystems, aiming for continuous digital transformation and contributing to global digital twin city development [9]