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 ...

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 ...

北京五一视界数字孪生科技股份有限公司（简称"五一视界"）冲刺港交所的进程中，股东名单里摩尔线程的身影格外引人注目。 作为国内数字孪生领域的领军企业，五一视界成立于2015年2月，自创立之初便提出"克隆地球5.1亿平方公里"的愿景，长期聚焦3D图形、模拟仿真与人工 智能三大核心技术领域，致力于打造物理世界与虚拟世界双向映射的数字孪生基础设施。公司当前已构建起三大核心业务平台，形成了清晰的商业化路 径：其一为51Aes数字孪生平台，作为核心收入来源，提供全要素场景、世界开发者平台等核心产品，覆盖城市、水利、能源等十多个行业的智能转型需 求，2024年贡献营收占比达82.1%；其二是51Sim合成数据与仿真平台，核心产品包括智能驾驶仿真平台SimOne、数据闭环平台DataOne等，可将百万公 里级智驾测试周期从"天数级"压缩至"分钟级"，已服务超百家主机厂及检测机构；其三为51Earth数字地球平台，目前尚处早期阶段，已在文旅等场景展开 探索并实现初步营收。 作为国产GPU领域的核心企业，摩尔线程的入股并非单纯的财务投资，更暗藏着国产算力与物理AI产业链深度绑定的战略考量，为双方后续的协同发展 埋下重要伏笔。 从 ...

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].

" 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 ...

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 - 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].