Group 1 - The company, Beijing Wuyi Shijie Digital Twin Technology Co., Ltd. ("Wuyi Shijie"), successfully went public on the Hong Kong Stock Exchange on December 30, 2025, under the stock code 06651.HK [2] - Wuyi Shijie, established in 2015, is a leading digital twin enterprise focusing on three core technology areas: 3D graphics, simulation, and artificial intelligence, aiming to create a "digital twin earth" for enhanced efficiency, safety, and improvement of the real world [3] - The company's core products include the 51Aes digital twin platform, 51Sim synthetic data and simulation platform, and 51Earth digital earth platform, covering over 10 fields such as urban planning, water conservancy, energy, automotive, transportation, and robotics [3] Group 2 - Zhong Lun Law Firm served as the issuer's legal advisor for the listing project, providing comprehensive legal services based on its deep understanding of the specialized technology industry and the Hong Kong capital market [2] - The firm has been a long-term legal advisor to Wuyi Shijie, assisting the company in multiple financing rounds since 2019 and facilitating its entry into the international capital market [3] - Zhong Lun played a crucial role in assisting the company with communication with securities regulatory authorities and organizing responses to multiple inquiries from the China Securities Regulatory Commission, which was vital for the company's successful overseas listing filing [3]

作者｜黄楠 编辑｜袁斯来 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"51WORLD"）以"6651"为股票代码，在港交所主板挂牌上市，成为中国首家登陆资本市场 的Physical AI企业。其开盘股价达35港元，较发行价上涨14.75%，市值超140亿港元。 本次IPO中，51WORLD总计发行23975200股，募资总额为7.31亿港元。其中，香港公开发售获258倍超额认购，国际配售获得海内外长线基金、对冲基金、 战略投资等各类型投资人认购。 51WORLD在港交所主板挂牌上市 51WORLD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。 作为国家级专精特新 "小巨人" 企业，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业务，分别为51Aes数字孪 生平台、51Sim合成数据与仿真平台及51Earth数字地球平台，其产品及解决方案已被全球超千家大中型企业广泛应用，业务遍及全球19个国家及地区。 历经十年，51WORLD已构建起"合成数据-空间智能模型-仿真训练平台"的全链条物理AI闭环生 ...

Core Viewpoint - The article highlights the strategic partnership between Wuyi Shijie and Moer Thread, emphasizing the alignment of their technologies and business needs in the digital twin and GPU sectors, respectively [1][2][4]. Group 1: Company Overview - Wuyi Shijie, established in February 2015, aims to "clone the Earth's 5.1 million square kilometers" and focuses on 3D graphics, simulation, and artificial intelligence [1]. - The company has developed three core business platforms: 51Aes digital twin platform, 51Sim synthetic data and simulation platform, and 51Earth digital earth platform, with 51Aes projected to contribute 82.1% of revenue in 2024 [1]. Group 2: Investment and Valuation - Wuyi Shijie has completed eight rounds of financing, with a current valuation of 4.4 billion yuan, representing a 47-fold increase since its A-round financing [2]. - Moer Thread holds a 0.5% stake in Wuyi Shijie, which, while small, is significant as a strategic investment that enhances the industrial attributes of Wuyi Shijie's shareholder base [2]. Group 3: Technology and Collaboration - The core technology of Wuyi Shijie relies on the 51Sim platform's 4DGS reconstruction and generative world model technology, which requires high-performance GPU computing resources [4]. - Moer Thread, as a leading domestic GPU company, provides the necessary GPU power and KUAE intelligent computing cluster solutions, aligning perfectly with Wuyi Shijie's computational needs [4]. - The collaboration has led to the development of a physical AI simulation system that has already achieved large-scale application in the intelligent driving sector [4]. Group 4: Future Prospects - If Wuyi Shijie successfully goes public, it will gain substantial funding to accelerate the development of physical AI technologies and expand its application scenarios [5]. - Moer Thread stands to benefit from equity appreciation and the opportunity to deepen its presence in the physical AI field through Wuyi Shijie's listing process [5].

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 ...

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].

Core Viewpoint - The dream of "cloning the Earth" is facing reality as the company, Beijing Wuyi Shijie Digital Twin Technology Co., Ltd., encounters expanding losses, declining gross margins, and cash flow pressures, making its Hong Kong listing a critical milestone to achieve [2][3]. Financial Performance - In the first half of the year, the company's revenue grew by 62% year-on-year to 53.82 million, but losses also widened by 44.5% from 65.06 million to 94.05 million [5][6]. - The gross margin decreased by 10 percentage points year-on-year to 41.1% [5][6]. Business Model Transition - The company is shifting its focus from software platform sales to large-scale urban digital governance projects, which are highly customized and require long-term on-site delivery and project management [8]. - This transition has led to a decline in gross margins, with the gross margin for the 51Aes platform dropping from 69.2% to 43.4% [8]. Cost Structure Changes - Research and development expenses are projected to decrease from 103 million in 2023 to 58.31 million in 2024, while general and administrative expenses surged by 76% year-on-year to 46.08 million [9]. - Operating cash flow showed a net outflow of approximately 41.7 million in the first half of the year, with cash and cash equivalents dropping significantly to 166 million compared to 270 million in the previous year [9]. Competitive Landscape - The company faces increasing competition from peers like SuperMap Software and Digital China, which are also advancing digital twin city projects [10]. - The ambitious narrative of "cloning the Earth" must contend with practical challenges, and the company needs to find a balance between engineering expansion and product standardization to realize its vision [10].

Core Insights - The China Securities Regulatory Commission has approved Beijing Wuyi Vision Digital Twin Technology Co., Ltd. to issue up to 77,600,840 overseas listed shares and list on the Hong Kong Stock Exchange, indicating the company has met the prerequisites for the hearing stage [1] - Wuyi Vision, established in February 2015, focuses on technological innovation and application in 3D graphics, simulation, and artificial intelligence, with three core business platforms: 51Aes Digital Twin Platform, 51Sim Synthetic Data and Simulation Platform, and 51Earth Digital Earth Platform, serving over a thousand enterprises globally [1][2] - The global digital twin market is projected to reach $35 billion by 2025 and exceed $120 billion by 2030, with a compound annual growth rate (CAGR) of over 28%, highlighting significant growth potential in the industry [2] Company Performance - Wuyi Vision's revenue for the years 2022, 2023, 2024, and the first half of 2025 was reported as 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] - The corresponding net losses for the same periods were RMB 190 million, 87 million, 79 million, and 94 million, with adjusted net losses of RMB 132 million, 68 million, 43 million, and 67 million [2] Technological Innovations - Wuyi Vision has launched the Clonova spatial intelligence interactive platform, enabling users to interact in immersive 3D spaces through natural language processing technology, applicable in various sectors such as tourism, social entertainment, enterprise management, and urban planning [3] - The company is also focused on embodied intelligence, providing efficient simulation training and high-quality synthetic data to overcome challenges in physical AI data diversity and quality, enhancing the safety and efficiency of robots in the physical world [3] - If successful in listing on the Hong Kong Stock Exchange, Wuyi Vision is expected to strengthen its position as a key player in AI and digital twin technology innovation and industrialization [3]

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].