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 ...

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。 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。 星标 ★ IPO日报 精彩文章第一时间推送 张力制图 毛利率持续下滑 至今，五一视界已进入第四阶段，已实现整个地球的实时生成及渲染技术L1城市级精度），并成功将可一天生成一个城市与公司核心业务相关的建模技 术规模商业化。公司的目标是在2030年完成第五阶段，以用于解决真实世界中关于交通、AI训练、时空沉浸、安全预警、气候预测、能源等领域的现实 问题。 2022年-2024年和2025年上半年（ ...

" 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 ...

作者｜黄楠 编辑｜袁斯来 数字孪生作为产业数字化核心工具，通过数据与模型的深度融合，在虚拟空间"克隆"物理实体，实现对 现实系统全生命周期的模拟、预测与优化，形成智能决策闭环。随着智能传感、云计算与AI等技术的 持续赋能，其应用正从工业制造延伸至城市管理、智能驾驶、建筑设计等多元场景。 从市场规模来看，IDC与Gartner联合预测，2025年，全球数字孪生市场规模可达到350亿美元，预计到 2030年突破1200亿美元，年均复合增长率（CAGR）超28%，增长潜力显著。 近日，中国证监会网站发布《关于北京五一视界数字孪生科技股份有限公司境外发行上市备案通知 书》。 根据通知书，公司拟发行不超过77600840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363299144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。这意味着 该公司已获得进入港交所聆讯阶段的前置条件。 五一视界成立于2015年2月，并在2017年提出"地球克隆计划"，即通过在虚拟世界中复刻地球、打造一 个超大型仿真模拟器。 公司长期聚焦3D图形、模拟仿真及人工智能领域的技术创新与应用，当前已推出三大核心 ...

Core Viewpoint - 51WORLD is progressing towards its IPO on the Hong Kong Stock Exchange, showcasing strong revenue growth and a narrowing loss in its updated prospectus for 2024 [1][2] Financial Performance - Revenue increased from 169 million yuan in 2022 to 256 million yuan in 2023, and is projected to reach 287 million yuan in 2024, representing a year-on-year growth of 12.1% [1] - The compound annual growth rate (CAGR) of revenue from 2022 to 2024 is 30.0% [1] - Adjusted net losses decreased from 132 million yuan in 2022 to 68 million yuan in 2023, and are expected to further reduce to 45 million yuan in 2024, a year-on-year reduction of 32.8% [1] - Gross margins were 65.0% in 2022, 54.2% in 2023, and are projected to be 51.1% in 2024, with changes attributed to shifts in revenue structure [1] Research and Development - R&D expenses were 134 million yuan in 2022, 103 million yuan in 2023, and are expected to drop to 58 million yuan in 2024, indicating a transition from a technology-intensive phase to a more commercialized phase [2] Business Operations - As of the end of 2024, the company holds cash and cash equivalents totaling 275 million yuan [2] - 51WORLD has established 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 large and medium-sized enterprises across 19 countries [2] - The company is expanding into emerging fields such as embodied intelligence and digital tourism [2] New Applications and Innovations - The 51Sim platform has expanded its applications from autonomous driving to intelligent equipment and embodied intelligence, with partnerships established with two clients [3] - The See3° brand under 51Earth has made advancements in the smart tourism sector, utilizing VR and MR technologies to enhance visitor experiences and operational efficiency in scenic areas [3]

Core Viewpoint - Five One Vision is attempting to go public on the Hong Kong Stock Exchange after previous unsuccessful attempts to list on A-shares, facing significant financial challenges and liquidity pressures despite rapid revenue growth [1][2]. Financial Performance - Five One Vision's revenue has grown rapidly, with a compound annual growth rate (CAGR) exceeding 20% over recent years, reaching 287 million yuan in 2024 from 170 million yuan in 2022 [1][6]. - The company has not achieved profitability, accumulating losses of 500 million yuan over four years, with net losses of 190 million yuan, 87 million yuan, and 82 million yuan in 2022, 2023, and 2024 respectively [1][6]. - Accounts receivable have significantly increased, consuming a large portion of the company's cash flow, with trade and other receivables reaching 195 million yuan in 2024, accounting for 67.94% of total revenue [6]. Market Position - Five One Vision claims to be the largest provider of digital twin solutions in China with a market share of 2.4%, but competing reports from IDC indicate that it is not among the top three providers [2][3]. - The company has launched three core products: 51Aes, 51Sim, and 51Earth, with 51Aes contributing the majority of revenue [2][5]. Research and Development - R&D expenditures have decreased significantly, from 79% of revenue in 2022 to 20.3% in 2024, raising concerns about the company's commitment to innovation [8][9]. - The R&D team has been reduced from approximately 250 to 118 members over two years, with plans to hire 50-100 new staff in the next three years [9][10]. Operational Challenges - The company has faced increasing operational costs, particularly in general and administrative expenses, which rose by over 80% in 2024 [9][10]. - A legal arbitration case related to a cloud service provider has added financial strain, with potential liabilities of approximately 2.3 million yuan [10]. Future Outlook - Five One Vision aims to complete its "Earth Cloning Project" by 2030, but the reduction in R&D resources raises doubts about the feasibility of achieving this goal [10].

Core Viewpoint - The emergence of AI large models has created unprecedented opportunities and challenges for business models, cost structures, and product forms, leading many traditional enterprises to struggle and even face collapse [1][4]. Group 1: Strategic Evolution - The company's strategy has shifted from creating a digital twin of Earth to becoming a bridge connecting the digital and physical worlds [7][31]. - The company aims to redefine its role in the AI era by establishing itself as a connector between digital and physical realms [7][31]. Group 2: Product Evolution - The new AI products will provide instant feedback to consumers based on spatial intelligence and immersive perspectives, differing significantly from previous product forms [10][31]. - The focus is on creating products that enhance user experience through immersive interactions rather than traditional information exchanges [10][31]. Group 3: Organizational Evolution - The company has established three primary AI teams under the name CAT, which are given independent structures, budgets, and goals to focus on building the bridge between digital and physical worlds [11][31]. - The organization emphasizes the importance of understanding AI's underlying principles and encourages all employees to become experts in the field [36][38]. Group 4: Timeline of Actions - The company initiated a series of actions starting from January 28, where management familiarized themselves with AI applications relevant to their operations [15][16]. - By March 31, the company completed its internal documentation on AI strategy, products, and organization, marking a significant milestone in its transformation [34][33]. Group 5: Key Insights and Recommendations - Companies must deeply understand AI's underlying logic to thrive in the AI era, as this knowledge is crucial for leveraging AI effectively [38][41]. - Rapid action and practical experience are essential for teams to develop products that generate real value, rather than remaining in a theoretical phase [40][41]. - The goal should be to create products that fundamentally change industry paradigms, enhancing both the company's and the industry's core competitiveness [41][42].