五一视界（06651）午后涨近8%，高见80.45港元，再创新高，较招股价30.5港元已涨超160%。截至发 稿，股价上涨7.60%，现报79.95港元，成交额4897.813万港元。 1月21日，英伟达创始人兼首席执行官黄仁勋在世界经济论坛年会上发表讲话，他提出AI"五层蛋糕"理 论，自下而上分别包括：能源、芯片与计算基础设施、云数据中心、AI模型，以及最上层的应用层。 值得注意的是，黄仁勋本月初在2026 CES主旨演讲中明确提出，"物理AI的'ChatGPT时刻'已然到来， 机器开始具备理解真实世界、推理并付诸行动的能力"。 公开资料显示，五一视界长期围绕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），产品已被全球超千家大中型企业广泛应用，业务覆盖19个国家和地区。 责任编辑：卢昱君 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 五一视界（06651）午后涨近8 ...

公开资料显示，五一视界长期围绕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），产品已被全球超千家大中型企业广泛应用，业务覆盖19个国家和地区。 值得注意的是，公司在物理AI的三个关键组件（数据燃料、空间模型、训练平台）上均搭建起完善的 技术能力，并构建起"合成数据—空间智能模型—仿真训练平台"的全链条物理AI闭环生态，成为全球少 数真正具备物理AI三要素的公司，并在智能驾驶、交通枢纽、智慧工厂、智慧能源等领域落地物理AI 标杆案例。 智通财经APP获悉，五一视界(06651)午后涨近8%，高见80.45港元再创新高，较招股价30.5港元已涨超 160%。截至发稿，涨5.79%，报78.6港元，成交额4470.03万港元。 消息面上，1月21日，英伟达创始人兼首席执行官黄仁勋在世界经济论坛年会上发表讲话，他提出AI"五 层蛋糕"理论，自下而上分别包括：能源、芯片与计算基础设施、云数据中心、AI模型，以及最上层的 应用层。值得注意的是，黄仁勋本月初在2026 CES主旨演讲 ...

Core Viewpoint - Five One Vision (06651) shares surged over 8% to a new high of 66.5 HKD, doubling from its IPO price of 30.5 HKD, indicating strong market interest and investor confidence in the company's growth potential [1] Company Overview - Five One Vision is a technology company focused on cloning Earth's 5.1 million square kilometers, investing heavily in three main areas: 3D graphics, simulation, and artificial intelligence [1] - The company has developed three core businesses: 51Aes (digital twin platform), 51Sim (intelligent driving simulation platform), and 51Earth (digital earth platform), which are widely used by over a thousand large and medium-sized enterprises globally [1] Business Model and Ecosystem - Five One Vision has established a complete physical AI closed-loop ecosystem consisting of "synthetic data - spatial intelligent models - simulation training platforms," making it one of the few companies globally with all three elements of physical AI [1] - The company has implemented benchmark cases of physical AI in various sectors, including intelligent driving, transportation hubs, smart factories, and smart energy [1]

Core Viewpoint - Wuyishijie successfully listed on the Hong Kong Stock Exchange on December 30, 2025, with a first-day closing increase of 29.9% after a five-year IPO journey [4]. Group 1: Financial Performance - Wuyishijie utilized Hong Kong's relaxed listing regulations, achieving a revenue of 2.87 billion HKD in 2024, just above the 2.5 billion HKD threshold [5]. - The company reported only 538.2 million HKD in revenue for the first half of 2025, which is 19% of the total revenue for the previous year, indicating a highly concentrated revenue period in the second half of the year [5]. - Revenue concentration among the top five customers increased from 23.6% in 2022 to 51.5% in the first half of 2025, indicating growing dependency on major clients [6]. - Wuyishijie has faced continuous losses, with losses recorded at 1.46 billion RMB in 2021, 1.90 billion RMB in 2022, 870 million RMB in 2023, 790 million RMB in 2024, and 940 million RMB in 2025 [6][7]. Group 2: Profitability and Cost Structure - The gross margin has declined significantly, dropping to 41.1% in the first half of 2025, a decrease of nearly 24 percentage points compared to three years prior [8]. - The sales cost as a percentage of total revenue increased from 35% in 2022 to 58.9% in the first half of 2025, contributing to the decline in gross margin [9]. - Research and development (R&D) expenses have been significantly reduced, with the R&D expense ratio dropping from 79% in 2022 to 20% in 2024, indicating a shift away from innovation [11][12]. Group 3: Business Strategy and Future Outlook - Wuyishijie aims to create a digital twin of the Earth, a vision articulated by founder Li Yi, but current business performance raises questions about the feasibility of this ambitious goal [21][26]. - The company has diversified its offerings beyond real estate, but the growth of its other business segments, such as 51Sim and 51Earth, remains limited, with 51Earth contributing less than 4% to total revenue since 2022 [25][26]. - The IPO is seen as just the beginning, with the company facing ongoing challenges in achieving sustainable growth and profitability [27].

Group 1 - Company Beijing Wuyi Shijie Digital Twin Technology Co., Ltd. successfully listed on the Hong Kong Stock Exchange on December 30, becoming the ninth newly listed company in Haidian District in 2025 [1] - The IPO involved the issuance of 23.9752 million shares at a price of HKD 30.50 per share, raising approximately HKD 731 million [1] - On the first trading day, the company's stock price surged to HKD 39.80, reflecting an increase of over 30% [1] Group 2 - Founded in February 2015, the company has a registered capital of CNY 382.381 million and is a leading player in the digital twin sector, providing solutions for digital twin access and construction [2] - The company has established a comprehensive digital twin ecosystem, including three core platforms: 51Aes, 51Sim, and 51Earth, covering various industries such as telecommunications, technology, AI, urban development, automotive manufacturing, and real estate [2] - Major clients include well-known enterprises such as China Mobile, China Unicom, China Telecom, Huawei, Tencent, Alibaba, BMW, and Vanke [2] Group 3 - In the first half of 2025, the company achieved revenue of CNY 53.82 million, representing a year-on-year growth of 62.04% [3] - From 2022 to 2024, the company reported revenues of CNY 170 million, CNY 256 million, and CNY 287 million, with a compound annual growth rate of 29.9% [3] - The company has attracted investments from several prominent domestic and international institutions and enterprises, including Lightspeed China Partners, Cloud Nine Capital, and SenseTime [3]

Core Viewpoint - Beijing May Day Vision Digital Twin Technology Co., Ltd. (referred to as "May Day Vision") was listed on the Hong Kong Stock Exchange, closing at HKD 39.62, a rise of 29.90% from its final offer price of HKD 30.5 [1][3]. Group 1: Offering Details - The total number of shares offered globally was 23,975,200 H-shares, with 4,795,200 shares allocated for public offering in Hong Kong and 19,180,000 shares for international placement [2]. - The final offer price was set at HKD 30.5, resulting in total proceeds of HKD 731.3 million, with net proceeds amounting to HKD 649.9 million after deducting estimated listing expenses of HKD 81.4 million [3][4]. Group 2: Use of Proceeds - Approximately 80% (around HKD 522.2 million) of the net proceeds is expected to be used for research and development initiatives [4]. - About 10% (approximately HKD 65.3 million) is anticipated to be allocated for marketing activities in China and overseas [4]. - The remaining 10% (around HKD 65.3 million) is planned for working capital and general corporate purposes [4]. Group 3: Financial Performance - The company reported projected revenues of RMB 169.977 million for 2022, RMB 256.302 million for 2023, RMB 287.362 million for 2024, and RMB 53.820 million for the first half of 2025 [7][8]. - The net losses for the same periods are projected to be RMB 189.785 million for 2022, RMB 87.077 million for 2023, RMB 78.972 million for 2024, and RMB 65.067 million for the first half of 2025 [8][9]. - Cumulative losses from 2022 to the first half of 2025 are estimated at RMB 450 million [9]. Group 4: Cash Flow - The net cash flow used in operating activities was RMB -104.285 million in 2022, RMB -132.879 million in 2023, RMB -114.273 million in 2024, and RMB -49.989 million in the first half of 2025 [10][11]. - The net cash flow from financing activities was RMB 64.969 million in 2022, RMB 56.704 million in 2023, and RMB 217.391 million in 2024 [11].

Core Viewpoint - Wuyi Vision Digital Twin Technology Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, marking it as the first "Physical AI" stock in China, with a strong market response on its debut day [2] Group 1: IPO Details - Wuyi Vision's stock opened at HKD 35, a 14.75% increase from the issue price of HKD 30.5, with a market capitalization exceeding HKD 14 billion at one point [2] - The company issued a total of 23,975,200 shares, raising a total of HKD 731 million during the IPO [2] - The public offering in Hong Kong was oversubscribed by 258 times, attracting a diverse range of investors including long-term funds, hedge funds, and strategic investors [2] Group 2: Company Background - Founded in February 2015, Wuyi Vision focuses on digital twin technology, investing heavily in 3D graphics, simulation, and artificial intelligence [2] - The company has developed three core business platforms: 51Aes (Digital Twin Platform), 51Sim (Intelligent Driving Simulation Platform), and 51Earth (Digital Earth Platform) [2] - Wuyi Vision has a strong backing from notable investors including Lightspeed, Yunjiu, Star VC, and SenseTime, as well as individual investors like Ge Weidong [2] Group 3: Financial Performance - The company reported revenues of CNY 170 million, CNY 256 million, CNY 287 million, and CNY 54 million for the years 2022 to 2024 and the first half of 2025, respectively [3] - Adjusted net losses were CNY 132 million, CNY 68 million, CNY 43 million, and CNY 67 million for the same periods [3]

Core Insights - Beijing 51WORLD Digital Twin Technology Co., Ltd. (51WORLD) has successfully listed on the Hong Kong Stock Exchange under the stock code "6651", marking it as the first Physical AI company in China to go public and the final listing of the year for the HKEX's 18C special technology enterprises [2] - The IPO raised a total of HKD 731 million, with the Hong Kong public offering being oversubscribed by 258 times, indicating strong demand from various types of investors [2] - Upon opening, the stock price reached HKD 35, representing a 14.75% increase from the issue price, with a market capitalization exceeding HKD 14 billion [2] Company Overview - Founded in February 2015, 51WORLD focuses on cloning Earth's 5.1 million square kilometers and has invested heavily in 3D graphics, simulation, and artificial intelligence [6] - The company has developed three core business platforms: 51Aes (Digital Twin Platform), 51Sim (Intelligent Driving Simulation Platform), and 51Earth (Digital Earth Platform), which are widely used by over a thousand large and medium-sized enterprises across 19 countries and regions [6] - 51WORLD has established a complete Physical AI ecosystem, integrating synthetic data, spatial intelligent models, and simulation training platforms, making it one of the few companies globally with all three elements of Physical AI [6] Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was RMB 170 million, 256 million, 287 million, and 54 million respectively, with a compound annual growth rate of 30.02% from 2022 to 2024 [6] - The revenue for the first half of 2025 showed a year-on-year growth of 62.04%, while the corresponding net losses were RMB 190 million, 87 million, 79 million, and 94 million for the same periods [6] Investment and Market Outlook - 51WORLD has attracted significant investment from well-known funds such as Lightspeed, Yunjiu, Star VC, and industry investors like Moore Threads and SenseTime, as well as notable individual investors [7] - Experts believe that the next wave of AI will be "Physical AI," which is expected to become a new growth point in the market over the next decade, with 51WORLD's successful listing likely to create a demonstration effect that attracts more capital and talent to the sector [7]

Group 1 - On December 30, 2023, Wuyi Vision was listed on the Hong Kong Stock Exchange, with the stock price initially rising over 30% [1] - As of 9:45 AM, Wuyi Vision's stock price increased by 24.26%, reaching HKD 37.90 per share [1] - The stock's trading volume was 3.386 million shares, with a total market value of HKD 15.4 billion [2][3] Group 2 - Wuyi Vision is a digital twin technology company that focuses on three main areas: 3D graphics, simulation, and artificial intelligence [3] - The company has developed three core business platforms: 51Aes (digital twin platform), 51Sim (intelligent driving simulation platform), and 51Earth (digital earth platform) [3] - Wuyi Vision's products are widely used by over 1,000 large and medium-sized enterprises across 19 countries and regions [3]

Core Insights - 51WORLD, known as the "first stock of Physical AI," debuted on the Hong Kong Stock Exchange on December 30, with its share price surging over 30% to reach 39.8 HKD, resulting in a market capitalization exceeding 16 billion HKD [1] Company Overview - Founded in February 2015, 51WORLD is a technology company focused on cloning Earth's 5.1 million square kilometers [1] - The company has made significant investments in three main technology areas: 3D graphics, simulation, and artificial intelligence, developing core competencies in these fields [1] Business Segments - 51WORLD has launched three core business platforms: - 51Aes (Digital Twin Platform) - 51Sim (Intelligent Driving Simulation Platform) - 51Earth (Digital Earth Platform) - These products are widely used by over a thousand large and medium-sized enterprises globally, covering 19 countries and regions [1] Technological Advancements - After ten years of technological accumulation, 51WORLD has established a complete closed-loop ecosystem for Physical AI, consisting of synthetic data, spatial intelligent models, and simulation training platforms [1] - The company is among the few globally that possess all three essential elements of Physical AI and has implemented benchmark cases in intelligent driving, transportation hubs, smart factories, and smart energy sectors [1]