首先值得关注的是，五一视界所卡位的物理AI万亿赛道。全球AI领袖黄仁勋曾判断，AI下一波浪潮将 是物理AI，物理AI的市场体量被认为是内容AI的几十倍，成为新一轮产业红利的核心载体。 在AI技术从感知、生成式向"物理AI"(Physical AI)演进的关键节点，于12月18日开启招股的五一视界 (06651)，被冠以"物理AI第一股"的光环获得港股市场目光的聚焦。 作为中国物理AI赛道领先科技企业，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，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)。在AI产业向纵深发展、物理AI赛道崛起的背景下，这家拥有明星股东背书、技 术力领先的企业，正迎来成长与估值的双重机遇。 当下，五一视界凭借长期的技术积累、丰富的成功案例与规模化扩张，已构建起深厚的竞争壁垒。公司 以数字孪生技术为核心底座，构建起连接虚拟与现实的桥梁，为各行业提供基础设施级的赋能。 更为核心的看点在于，五一视界的价值，如今在资本市场已获得极具分量的认可。其是今年最明星的 GPU概念股——有"中国英伟达"之称 ...

首先值得关注的是，五一视界所卡位的物理AI万亿赛道。全球AI领袖黄仁勋曾判断，AI下一波浪潮将 是物理AI，物理AI的市场体量被认为是内容AI的几十倍，成为新一轮产业红利的核心载体。 当下，五一视界凭借长期的技术积累、丰富的成功案例与规模化扩张，已构建起深厚的竞争壁垒。公司 以数字孪生技术为核心底座，构建起连接虚拟与现实的桥梁，为各行业提供基础设施级的赋能。 在AI技术从感知、生成式向"物理AI"(Physical AI)演进的关键节点，于12月18日开启招股的五一视界 (06651)，被冠以"物理AI第一股"的光环获得港股市场目光的聚焦。 作为中国物理AI赛道领先科技企业，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，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)。在AI产业向纵深发展、物理AI赛道崛起的背景下，这家拥有明星股东背书、技 术力领先的企业，正迎来成长与估值的双重机遇。 更为核心的看点在于，五一视界的价值，如今在资本市场已获得极具分量的认可。其是今年最明星的 GPU概念股——有"中国英伟达"之称 ...

业绩表现持续亮眼，公司营收从2022年的1.7亿元增长至2024年的2.87亿元，年复合增长率达30.02%。 2025年上半年实现营收5382万元，较2024年同期增长62%。 当前港股市场中，兼具 "全链条物理AI闭环生态 + 商业化实证"的Physical AI企业极为稀缺，五一视界的 上市有望为港股市场引入这一稀缺赛道的核心投资标的，填补 AI 硬科技板块的价值缺口。 成立于2015年，五一视界在Physical AI的三个关键组件(数据燃料、空间模型、训练平台)上搭建起完善 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" 全链条物理AI闭环生态，形成了难 以复制的技术与生态壁垒，是全球少数真正具备Physical AI三要素的公司。 商业化布局上，五一视界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)。公司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。其Physical AI产品系统也均已在智能驾驶、交通枢纽、智慧工厂、智慧能源等垂 直场景实现商业化落地。 凭借精准卡位 ...

业内人士认为，此次通过港交所聆讯后，五一视界若能够成功上市，不仅填补港股Physical AI领域的标 的空白，更有望凭借独特的技术与生态壁垒，成为投资者眼中极具潜力的稀缺标的。 在融资历程上，五一视界共经历8轮融资，截至2024年12月31日，该公司于中国数字孪生解决方案市场 中融资金额排名第一，最后一轮估值达人民币44亿元。其背后投资阵容强大，包括知名基金光速、云 九、Star VC、谢诺投资，产业投资人商汤科技、摩尔线程等。此外，51WORLD也吸引了葛卫东、梁伯 韬等知名个人投资人入股。 近日，港交所披露，北京五一视界数字孪生科技股份有限公司(下称"51WORLD"或"五一视界")已通过 上市聆讯，将以18C章程冲击Physical AI第一股，中金公司（601995）与华泰国际任联席保荐人。 五一视界成立于2015年2月，是一家致力于克隆地球5.1亿平方公里的科技公司。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(合成数据与仿真平台)及51Earth(数字地球平台)。公司产品及解决方案已 被全 ...

Core Viewpoint - 51WORLD, a digital twin technology company based in China, has submitted its application for listing on the Hong Kong Stock Exchange, with CICC and Huatai International as joint sponsors [1][3]. Company Overview - 51WORLD specializes in digital twin technology, which utilizes 3D graphics, simulation, and AI to create high-precision virtual replicas of physical objects or systems [3][4]. - The company aims to provide digital twin solutions across various industries, including urban planning, water resource management, energy, automotive, transportation, robotics, entertainment, and social media [3][4]. Business Model and Vision - The company envisions creating a digital twin of the Earth to enhance efficiency, safety, and quality in the real world, targeting a 1:1 digital representation of real-world scenarios [5][6]. - 51WORLD has identified five key elements (buildings, roads, vegetation, water bodies, and terrain) and five stages of development for its digital twin initiative, with the current phase being the semi-simulated world [5][6]. Technological Advancements - As of now, 51WORLD has achieved real-time generation and rendering technology at a city-level precision and has commercialized the ability to generate a city model in one day [5][6]. - The company has established three core business segments: 51Aes (digital twin platform), 51Sim (synthetic data and simulation platform), and 51Earth (digital earth platform), with commercial products and solutions launched in each area [6]. Market Position and Financial Performance - According to Frost & Sullivan, 51WORLD ranks first in several key metrics within the Chinese digital twin industry, including revenue and financing amounts [6]. - The company has served over 1,000 enterprise clients in mainland China and has seen growth in other regions [7]. - Financially, the company reported revenues of approximately 170 million RMB in 2022, 256 million RMB in 2023, and 287 million RMB in 2024, with R&D expenses of 134 million RMB, 103 million RMB, and 58 million RMB for the same periods [7][8].

Group 1: Circle Internet Group - Circle Internet Group went public on June 5, 2025, under the ticker "CRCL," becoming the first global stablecoin stock, raising $1.1 billion with a share price of $31, up from an initial range of $24 to $26, and saw over 25 times oversubscription [2][3] - On its first trading day, Circle's stock opened 122% higher and closed at $83.23, a 168.48% increase from the IPO price, giving it a market capitalization of $18.356 billion [3] - Circle, founded in 2013, primarily issues two stablecoins: USDC and EUDC, with USDC holding approximately 29% market share as of March 2025 [4] - As of March 31, 2025, Circle reached over 600 million users globally, with total revenue and reserve income of $1.676 billion and a net profit of $156 million for 2024 [5] Group 2: Zhou Li Fu Jewelry - Zhou Li Fu Jewelry passed the Hong Kong Stock Exchange hearing and disclosed its information on June 3, 2025, with CICC and CITIC International as joint sponsors [7] - Established in 2004, Zhou Li Fu operates 4,129 stores across 31 provinces and has four overseas stores, ranking among the top five jewelry brands in China for eight consecutive years [7][8] - The company reported revenues of 3.102 billion yuan, 5.150 billion yuan, and 5.718 billion yuan from 2022 to 2024, with a compound annual growth rate (CAGR) of 35.8%, significantly outpacing the industry average of 2.7% [8] Group 3: 51WORLD - 51WORLD updated its prospectus on May 30, 2025, to continue its listing process on the Hong Kong Stock Exchange, with CICC and Huatai International as joint sponsors [11] - Founded in 2015, 51WORLD focuses on the digital twin industry, offering three core business platforms: 51Aes, 51Sim, and 51Earth, and is the first in the industry to propose a comprehensive digital twin solution [12][13] - The company achieved revenues of 170 million yuan, 256 million yuan, and 287 million yuan from 2022 to 2024, with gross margins of 65.0%, 54.2%, and 51.0% respectively [14] Group 4: Xi Puni - Xi Puni updated its prospectus on June 3, 2025, to advance its listing on the Hong Kong Stock Exchange [17] - Established in 2013, Xi Puni is a designer and manufacturer of precious metal watches, with its flagship brand "HIPINE" being the largest gold watch brand in China, holding a market share of 24.98% [18] - The company reported revenues of 324 million yuan, 445 million yuan, and 457 million yuan from 2022 to 2024 [19] Group 5: Weili Zhibo - Weili Zhibo updated its prospectus on June 4, 2025, aiming to become the first stock in the TCE field in China [21][22] - Founded in 2012, Weili Zhibo focuses on innovative therapies for cancer and autoimmune diseases, with 14 candidate drugs in its pipeline, including a core product in clinical registration [23] - The company secured investments from various institutions and achieved a post-C round valuation of 3.13 billion yuan in 2024 [25]

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].

一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 小马智行 美股｜挂牌上市 事实上，鉴于投资者对小马智行IPO的认购热情空前高涨，小马智行本次在发行过程中扩大了IPO规 模。另据「IPO早知道」从接近本次小马智行IPO的投行人士处获悉，小马智行启动IPO招股后实现 超额认购，参与认购的机构除了已公开的北汽集团和康福德高，还包括小马智行多个老股东以及多家 国际顶尖投资机构。 成立于2016年的小马智行主要为全球市场提供出行和物流领域的自动驾驶技术和解决方案，开发可 适用于不同车型和应用场景的"虚拟司机"（Virtual Driver）技术。基于此，小马智行的营收也主要 来自于自动驾驶出行服务（Robotaxi）、自动驾驶卡车（Robotruck）以及技术授权与应用服务。 目前，小马智行自动驾驶路测总里程累计近4000万公里。 2018年12月，小马智行推出了中国首个自动驾驶出行服务（Robotaxi）小马智行（PonyPilot）， 并成为全球极少数实现全无人驾驶，真正引领全球Robotaxi向大规模量产和商业化进程的公司。根 据弗若斯特沙利文的报 ...