五一视界漫漫上市路，终于有了实质性突破。 2025年12月30日，赶在元旦之前，五一视界成功登陆港交所。上市首日，五一视界收盘大涨29.9%。 梅花香自苦寒来。为登陆资本市场，自2020年12月起，五一视界开启了一场耗时5年之久的IPO闯关。在先后折戟科创板、北交所以及港交所后，五一视 界最终二次赴港功成。 01 不靠研发靠营销，五一视界或5年连亏 2024年，在五一视界首次赴港提交招股书时，上一个自然年度营收刚破2.56亿元关口。2024年，五一视界营收达到了2.87亿元。 值得注意的是，2025年上半年，五一视界录得营收只有5382万，不足去年全部营收的19%。 考虑到2024年五一视界同样是下半程发力，这个指标似乎不用过于担心。但这也反映出，五一视界账期高度集中在下半年的特征。 除账期高度集中外，五一视界客户集中度也在连年攀升。 2022至2024年以及2025上半年，五一视界各时期来自前五大客户的收入分别占当期收入的23.6%、38.3%、46.4%以及51.5%。 这也意味着，五一视界对大 客户的依赖不断增强。 五一视界上市颇为讨巧，其正是利用了目前香港最宽松的上市新规18C。其中规则要求下限是，" ...

Core Insights - The Hong Kong Stock Exchange (HKEX) achieved a record IPO fundraising total of HKD 285.69 billion in 2025, marking a 224% increase from 2024 and reclaiming the top position globally for IPO fundraising after four years [2] - A total of 119 companies went public in Hong Kong in 2025, representing a 68% year-on-year increase, with eight companies raising over HKD 10 billion each [2] - The strong performance of the IPO market was significantly driven by 19 A-share companies that raised a combined HKD 139.99 billion, nearly half of the total IPO fundraising for the year [2] Company Highlights - Contemporary Amperex Technology Co., Limited (CATL) emerged as the top fundraiser with HKD 41.01 billion, ranking second globally in IPO fundraising [2] - Other notable companies that made it to the global top ten IPO list include Zijin Mining International, SANY Heavy Industry, and Seres [2] - The successful IPOs in the technology and consumer sectors, including AI pharmaceuticals and robotics, indicate strong market demand for high-quality listings [3] Market Outlook - Institutions maintain an optimistic outlook for the 2026 Hong Kong IPO market, with projections from PwC estimating fundraising could reach between HKD 320 billion to HKD 350 billion, while Deloitte and Credit Suisse expect it to exceed HKD 300 billion [3]

相比之下，同属硬科技赛道的两家企业则涨幅偏弱。家庭机器人提供商卧安机器人开盘与发行价持平， 最终仅微涨0.06%。数据基础设施提供商迅策科技的首日表现则更具波折，开盘后短暂破发至38.02港 元/股，随后快速回升至发行价附近，收盘仅微涨1%。 六家企业的集中上市，带来合计超60亿港元的募资规模，令2025年港股新股数量达到117只，全年募资 总额达到2856.93亿港元。 值得一提的是，2025年恰逢港交所成立25周年，其在当年交出一份亮眼的成绩单：全年IPO募资总额突 破2800亿港元，一举超越纳斯达克等全球主要交易所，时隔数年重夺全球募资桂冠。这不仅验证了香港 国际金融中心的韧性与吸引力，更清晰勾勒出资本市场"含A量"攀升、"向新力"凸显的两大核心脉络。 2025年港股IPO募资额登顶全球，验证香港国际金融中心的韧性与吸引力，凸显"含A量""创新力"特质 文 |《财经》特约撰稿人 成孟琦 编辑 | 杨秀红 2025年12月30日，港交所交易大堂响起六声清脆的锣响，英矽智能、五一视界、迅策科技、美联股份、 卧安机器人与林清轩这六家企业同步挂牌上市，业务版图横跨AI（人工智能）制药、数字孪生、家庭 机器人等硬 ...

中伦律师事务所担任本次上市项目的发行人中国法律顾问，凭借对特专科技行业及香港资本市场的深刻理解，为五一视界提供了全流程、多维度的法律服 务。本项目由合伙人姚启明、非权益合伙人苗郁芊具体负责并作为签字律师，合伙人郭克军作为项目总协调人参与本项目，项目组成员还包括律师郝韵珊 等。合伙人陈际红、陈瑊以及项目组成员陆杰对发行人的数据合规事项提供了相关法律服务，合伙人马东晓对发行人的知识产权相关事务提供了相关法律 服务。 五一视界成立于2015年，是行业领先的数字孪生企业，以3D图形、模拟仿真和人工智能三大技术方向投入并形成核心竞争力，为客户提供接入并建设数 字孪生的解决方案，旨在创造一个真实、完整且恒久的"数字孪生地球"，让现实世界变得更高效、安全和美好，为人们认识并改善世界提供全新的视角和 技术。核心产品包括51Aes数字孪生平台、51Sim合成数据与仿真平台、51Earth数字地球平台，产品及解决方案涵盖城市、水利、能源、汽车、交通、机 器人等10多个领域。 中伦作为五一视界的长期境内法律顾问，继2019年起助力公司完成多轮融资后，再次陪伴公司迈入国际资本市场，在监管问询、行业政策、数据合规、知 识产权等关键议题 ...

据公开披露信息，2025年上半年，五一视界实现营业收入5382万元人民币，同比增长62.04%。2022年至2024年，公司分别实现营业 收入1.70亿元、2.56亿元、2.87亿元人民币，复合增长率高达29.9%。成立至今，公司先后获得光速光合、云九资本、StarVC、商汤科 技、SBI、摩尔线程、当代置业、微木资本等多家国内外知名机构和企业的投资。 下一步，我局将持续加大优质企业挖掘培育力度，不断提升企业上市服务保障工作的质效和精准性，推动更多创新能力强、成长速 度快、科技底色足的海淀企业在境内外上市，更好地利用"两个市场、两种资源"实现高质量发展，为海淀区建设新质生产力示范区贡 献坚实力量。 12月30日，海淀区企业北京五一视界数字孪生科技股份有限公司（以下简称五一视界或公司）成功在港交所上市，成为海淀区2025 年继赛目科技、海博思创、云知声、一亩田、滴普科技、量子数科、摩尔线程和昂瑞微之后的第九家新增上市企业。五一视界本次 IPO发行2397.52万股，每股价格30.50港元，募集资金约7.31亿港元。早市开盘，公司股价冲至39.80港元，涨幅超过30%。 五一视界于2015年2月注册成立，注册资本 ...

中国经济网北京12月30日讯 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"， 06651.HK）今日在港交所上市，截至收盘报39.62港元，涨幅29.90%。 最终发售价及分配结果公告显示，五一视界全球发售项下的发售股份数目为23,975,200股H股，其中香港 发售股份数目为4,795,200股H股，国际发售股份数目为19,180,000股H股。 | 發售股份及股本 | | | --- | --- | | 發售股份數目 | 23,975,200 | | 香港公開發售的發售股份數目(經重新分配後) | 4.795.200 | | 國際配售的發售股份數目(經重新分配後) | 19.180.000 | | 於上市時已發行的股份數目 | 406,356,152 | 五一视界的联席保荐人、整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人为中国国际金 融香港证券有限公司、华泰金融控股（香港）有限公司，整体协调人、联席全球协调人、联席账簿管理人及联 席牵头经办人为招银国际融资有限公司、中信建投（国际）融资有限公司、富途证券国际（香港）有限公司， 联席账簿管理人及联席牵头经办人为华盛资本证券有限公司 ...

Core Viewpoint - Beijing Wuyi Vision Digital Twin Technology Co., Ltd. (stock code 06651.HK) has officially listed on the Hong Kong Stock Exchange, becoming the first physical AI company in China to enter the capital market, marking a significant milestone for the company and its ambitious vision of "cloning the Earth" [1][3][22]. Group 1: Company Overview - The company’s stock price rose by 14.75% on its debut, reaching HKD 35 per share, with a total market capitalization exceeding HKD 14 billion, reflecting strong investor confidence in its technological capabilities and business model [3]. - The concept of "cloning the Earth" is the ultimate vision of digital twin technology, which involves creating high-precision, interactive digital replicas of real-world objects using 3D modeling, IoT, simulation, and AI [5][6]. - Founded by Li Yi, the company initially focused on VR real estate but shifted towards a broader goal of city-level digital twins after recognizing the limitations of visual representation [8][10]. Group 2: Technological Vision - The "cloning the Earth" initiative is structured into five progressive phases: static world, dynamic world, semi-simulated world, fully simulated world, and digital twin world [12][14]. - The current phase is the fully simulated world, where the company has developed the capability to generate a city in one day, laying the technical foundation for its grand narrative [15]. - The ultimate goal is to achieve a global-scale, physically accurate digital twin that interacts and simulates all elements, creating a parallel virtual planet [14]. Group 3: Business Model - The company’s revenue primarily comes from three core business platforms: 51Aes, 51Sim, and 51Earth, which support the "cloning the Earth" vision [17][19]. - The 51Aes platform accounts for approximately 80% of revenue, providing high-quality digital twin development and application services across over ten industries [19]. - The 51Sim platform offers simulation software products and solutions for intelligent driving and AI training, while the 51Earth platform aims to create an accessible digital twin world for both enterprises and consumers [19]. Group 4: Market Position and Future Plans - As the largest digital twin solution provider in China, the company is positioned to capitalize on the emerging trend of physical AI, which is expected to be a new growth point in the market over the next decade [21]. - The company plans to allocate approximately 80% of the funds raised from its IPO to ongoing R&D, including enhancing core platforms and developing generative AI tools [22]. - The strategic partnerships with notable investors, including SenseTime and Moore Threads, provide not only financial support but also critical capabilities in AI vision and graphics computing [22].

今日看点 公开资料显示，五一视界成立于2015年2月，为一家数字孪生科技公司。公司长期围绕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，已推出三大核心业务，分别为51Aes（数字孪生平台）、51Sim（智驾仿真平台）及51Earth（数字地球平台）。 值得一提的是，五一视界背后投资阵容强大，包括知名基金光速、云九、Star VC、谢诺投资，产业投资人摩尔线程、商汤科技等。此外，五一视界也吸引 了葛卫东等知名个人投资人入股。 业绩方面，2022年至2024年及2025年上半年，五一视界实现收入1.7亿元、2.56亿元、2.87亿元及0.54亿元，经调整亏损净额分别为1.32亿元、0.68亿元、0.43 亿元及0.67亿元。 12月30日，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"）以"6651"为股票代码，在港交所主板挂牌上市，被市场视为国内"Physical AI 第一股"。 上市首日，五一视界股开盘报35港元，较发行价30.5港元上涨14.75%，市值一度超140亿港币。 据了解，五一视界在本次IPO中，总计发行2,3975,200股，募资总额为7.31亿港元。 ...

中国实时数据基础设施及分析解决方案供应商迅策，开报48.02元，较招股价48元高开0.1%，每手100 股，一手帐面赚2元。 以18C章程申请上市的数字孪生科技公司五一视界，开报35元，较招股价30.5元高14.8%，每手200股， 一手帐面赚900元。 预制钢结构建筑服务公司美联股份开报8.21元，较招股价7.1元高15.6%，每手300股，一手帐面赚333 元。 这是港交所年内第二次再现"六锣齐鸣"盛况，上一次为7月9日。 港股IPO年末"混战"，六股首挂，五股高开！覆盖特专科技、AI、机器人、制药、传统制造、护肤等 热门赛道，合计预计募资近60亿港元。 AI制药平台英矽智能强势领涨！开报35港币，较招股价24.05元高45.5%，每手500股，一手帐面赚5475 元。 开发家庭机器人系统的卧安机器人表现相对逊色，开报73.8元，较招股价73.8元持平。 高端化妆品公司林清轩开报85元，较招股价77.77元高9.3%，每手50股，一手帐面赚361.5元。 来源：新浪港股 ...

Core Viewpoint - 51WORLD, a digital twin technology company, has officially listed on the Hong Kong Stock Exchange, with its share price rising significantly on the first day of trading, reflecting strong market interest and confidence in its business model and growth potential [1][2]. Company Overview - 51WORLD was established in 2015 and focuses on three core areas: 3D graphics, simulation, and AI, positioning itself as a national-level specialized "little giant" enterprise [4]. - The company aims to create a digital twin of Earth covering 5.1 million square kilometers, providing solutions for enterprises, consumers, and developers [4]. Market Position - According to Frost & Sullivan, 51WORLD is the largest provider of digital twin solutions and design and operational optimization solutions in China, with projected revenues of RMB 287 million and a market share of 2.4% for digital twin solutions in 2024 [5][6]. - The company is also ranked fourth in AI training and validation solutions, being the only provider in China offering a full-end digital twin AI training platform [6][9]. Financial Performance - 51WORLD's revenue for 2022, 2023, and projected for 2024 is RMB 170 million, RMB 256 million, and RMB 287 million respectively, with net losses reported for the same periods [17][20]. - The company has seen a decline in gross margin from 65% in 2022 to 41.1% in 2025, attributed to a shift towards more customized solutions requiring higher hardware costs [20][21]. IPO and Fund Utilization - The net proceeds from the IPO amount to approximately HKD 653 million (about RMB 589 million), with 80% allocated for R&D and hiring additional personnel, 10% for marketing, and 10% for working capital [12][14]. Client Base and Agreements - 51WORLD has signed 128 agreements with clients, with a total value of approximately RMB 194 million, indicating strong demand for its digital twin solutions [35]. - The company’s major clients include Moole Technology, which is also a significant shareholder, highlighting a strategic partnership in the AI simulation sector [36]. Future Goals - The company aims to complete the "Earth Cloning" project by 2030, progressing through various stages of digital twin development, with the current focus on real-time generation and rendering technologies [15][27].