Core Viewpoint - The company, Wuyishijie, is experiencing both growth in revenue and a narrowing of adjusted net losses, but faces challenges such as declining gross margins and increasing costs, particularly in sales and administrative expenses [2][10]. Financial Performance - Revenue for Wuyishijie is projected to grow from 170 million yuan in 2022 to 287 million yuan in 2024, with adjusted net losses decreasing from 132 million yuan to 45.77 million yuan over the same period [2]. - The gross margin for the 51Aes digital twin platform, which contributes over 80% of revenue, is declining, with figures dropping from 69.2% in 2022 to 52.8% in 2024 [5]. - Sales costs are increasing at a faster rate than revenue, rising from 117 million yuan in 2023 to 141 million yuan in 2024, a growth of 19.8% [6]. Business Segments - The three business segments of Wuyishijie include 51Aes (digital twin platform), 51Sim (synthetic data and simulation platform), and 51Earth (digital earth platform), with 51Aes being the primary revenue driver [3]. - Revenue contributions from 51Aes are 83.3%, 79.8%, and 82.2% for the years 2022, 2023, and 2024 respectively, while 51Sim contributes 15.3%, 16.6%, and 16.6% [3]. Customer Dynamics - The number of customers for 51Aes has decreased from 183 in 2023 to 131 in 2024, but the average revenue per customer has increased from 1.1 million yuan to 1.8 million yuan [4]. - The company is focusing on customer revenue per capita, which indicates a shift in strategy towards fewer, higher-value clients [4]. Cost Structure - Research and development expenses have decreased significantly from 103 million yuan in 2023 to 58.21 million yuan in 2024, a reduction of 43.3% due to a reduction in the R&D team size [7]. - General and administrative expenses have surged from 50.33 million yuan in 2023 to 92.30 million yuan in 2024, an increase of 83.4% [6][8]. Future Outlook - Wuyishijie anticipates an increase in net losses for the year ending December 31, 2025, due to ongoing arbitration and rising costs [10][11]. - The company is planning to hire 50-100 new R&D personnel over the next three years, indicating a potential shift back towards growth in this area after recent cuts [8].

Core Viewpoint - 51WORLD is advancing its IPO process on the Hong Kong Stock Exchange under the 18C framework, having previously considered listings on domestic exchanges. The company focuses on the digital twin industry in China, leveraging technologies in 3D graphics, simulation, and artificial intelligence [2][3]. Group 1: Company Overview - Founded in 2015, 51WORLD specializes in the digital twin industry, with three core business areas: 51Aes (digital twin platform), 51Sim (synthetic data and simulation platform), and 51Earth (digital earth platform) [2][3]. - 51Aes aims to enhance design and operational efficiency for enterprise clients, offering solutions across various sectors, including urban planning and industrial applications [3]. - 51Sim, launched in 2017, focuses on synthetic data and simulation, providing platforms for smart driving and robotics, and has served hundreds of clients in the smart driving sector [3][4]. - 51Earth, established in 2022, connects builders, developers, and consumers, and has attracted thousands of users since its launch [4]. Group 2: Market Position and Achievements - 51WORLD is recognized as the first company in the digital twin industry to implement a "Earth Cloning" plan and offers a comprehensive digital twin solution [4]. - The company achieved over 250 million HKD in revenue within a year, ranking first in revenue in the digital twin industry in 2023, and also leads in financing amounts in the Chinese digital twin market [4]. Group 3: Financial Performance - Revenue figures for 51WORLD from 2022 to 2024 are 170 million CNY, 256 million CNY, and 287 million CNY, with corresponding gross margins of 65.0%, 54.2%, and 51.0% [5]. - The company has attracted investments from notable firms and individuals, with significant stakes held by investors such as Lightspeed China Partners and Cloud Nine Capital [5]. - Following a Series F funding round in June 2024, 51WORLD's valuation reached 4.4 billion CNY, with IPO proceeds primarily allocated for R&D and operational purposes [5].

Core Viewpoint - 2024 presents both challenges and opportunities for the company, with a focus on overcoming performance difficulties through strategic business development in gaming, cloud services, digital twin technology, and cultural tourism [1][10]. Group 1: Financial Performance - The company reported total revenue of 227 million yuan, a year-on-year decrease of 12.32%, and a net loss attributable to shareholders of 52.74 million yuan, although this represents a year-on-year reduction in losses by 4.19% [1]. - The non-recurring net profit loss was 52.55 million yuan, showing a year-on-year reduction in losses of 22.95% [1]. Group 2: Industry Trends - The gaming industry in China is projected to reach a market size of 325.78 billion yuan in 2024, with a year-on-year growth of 7.53%, driven by increasing player demands for quality and innovative gameplay [2]. - The cloud services sector is experiencing rapid growth, with the smart computing power scale expected to reach 1,037.3 EFLOPS by 2025, a 43% increase from 2024, and the market size projected to reach 25.9 billion USD, a year-on-year growth of 36.2% [2]. - The digital twin industry is gaining momentum due to government support, with applications in smart cities and industrial internet becoming more prevalent [3]. Group 3: Business Segments - In the gaming sector, the company is revitalizing classic games and exploring diverse genres, with successful updates to titles like "Anti-Japanese War" and the launch of new mobile games contributing positively to revenue [4]. - The cloud services business is expanding through the utilization of data centers and the development of AI and cloud computing services, despite facing competitive pressures that have impacted profit margins [5][6]. - The digital twin and cultural tourism sectors are highlighted by the success of the "Dragon Rising Nine Continents" project, which has turned profitable and is enhancing visitor experiences through digital technology [8]. Group 4: Future Outlook - The company anticipates gradual performance improvement through the synergistic development of its three main business segments, with expectations of increased player engagement and revenue in gaming, growth in cloud service profitability, and expanded market coverage in cultural tourism [9][10].

行业唯一能够提供一站式数字孪生解决方案的公司。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 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"）于2024年 11月29日正式向港交所递交招股说明书，拟主板挂牌上市，中金公司和华泰国际担任联席保荐人。 这意味着，51WORLD成为又一家以18C章程冲刺港交所的特专科技公司。事实上，51WORLD曾两 度考虑在境内交易所挂牌上市——2020年12月，51WORLD就科创板上市向中国证监会北京局作出 上市辅导备案；后又于2023年12月就北交所上市向中国证监会北京局作出上市辅导备案。 成立于2 015 年的5 1WORLD 专注于 中国数字孪生行业 ，聚焦 3D图形、模拟仿真 和 人工智能 三大领域技术 ，现已形成 51Aes(数字孪生平台)、51Sim(合成数据与仿真平台) 以及 51Earth(数 字地球平台) 三大核心业务。 其中，51Aes于2015年成立，旨在提升企业客户设计与运营效率，致力于实现跨行业数字智能转 型，其三个核心产品包括AES(全要素场景)、WDP(数字孪生Saa ...