香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Beijing 51WORLD Digital Twin Technology Co., Ltd. 北京五一視界數字孿生科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：06651） 自願性公告－業務發展最新情況 本公告乃由北京五一視界數字孿生科技股份有限公司（「本公司」，連同其附屬公 司統稱「本集團」）自願作出，以知會本公司股東及潛在投資者有關本集團最新業 務發展。 董事會認為，51Claw系統的落地是本集團繼SimOne及DataOne等核心平台後的底 層技術延伸，使本集團的數字孿生系統具備直接感知並操作物理世界的能力。該 進展進一步鞏固了本集團在空間計算技術領域的佈局，並高度契合本集團致力成 為資本市場「物理AI第一股」的戰略目標，為各項業務創造潛在的商業增量空間。 北京五一視界數字孿生科技股份有限公司 1 針對物理AI的長遠發展，本集團未來計劃打造一體化的「具身智能訓練場」 ...

Group 1 - The core viewpoint presented by Demis Hassabis emphasizes that the true trillion-dollar opportunity in AI lies in "physical AI," which can perceive, understand, and transform the real world, rather than in computing power chips [1] - Current AI faces a "fragmentation of intelligence" bottleneck, excelling in digital tasks but struggling with fundamental physical laws, indicating that a "world model" is the last barrier to achieving Artificial General Intelligence (AGI) [1] - Existing data formats are poorly adaptable, leading to wasted computing power and low energy efficiency, making energy supply a critical variable in future AI competition [1] Group 2 - As China's first publicly listed company focused on physical AI, Wuyi Vision's strategic layout aligns closely with the emerging trends in the industry [2] - The company specializes in digital twin and simulation fields, developing its own AES digital twin base and 51Sim simulation platform, which form the core infrastructure for physical AI [2] - Wuyi Vision has achieved a 90% realism rate and 100% scene controllability for synthetic data, providing AI with data support that adheres to physical laws [2] Group 3 - Wuyi Vision's resilience stems from its commitment to foundational technology, having established a leading position in China's physical AI market during the previous R&D cycle [3] - The company is addressing the challenges of cross-scenario generalization in physical AI, aligning with Hassabis's vision of a universal world model through significant investments in synthetic data, spatial intelligence models, and simulation training platforms [3] - Financial data indicates strong revenue growth, with explosive demand for the 51Sim platform reflecting the industry's urgent need for high-trust physical AI simulation technology [3]

Core Insights - The article highlights the emergence of "Physical AI" as a national strategic core productivity in China's technology industry, driven by the integration of artificial intelligence and humanoid robotics [1] - The company Wuyi Vision (6651.HK) is positioned as a crucial player in the Physical AI ecosystem, leveraging its self-developed technology and strategic partnerships to support this transformation [1] Group 1: Technology and Innovation - The core technology of Physical AI focuses on overcoming the Sim-to-Real conversion bottleneck, enabling low-cost, large-scale training and validation of AI models in virtual environments [2] - Wuyi Vision has developed the 51Sim platform, which provides a high-fidelity Sim-to-Real training environment, establishing a significant technological barrier comparable to NVIDIA's Omniverse and Cosmos platforms [2] Group 2: Strategic Partnerships and Ecosystem - Wuyi Vision has created a comprehensive Physical AI ecosystem with a full chain from synthetic data to simulation training platforms, successfully implementing benchmark cases in various sectors such as smart driving and smart factories [3] - The company's shareholder structure includes prominent players like Moore Threads and SenseTime, which enhances its capabilities in computational power and visual algorithms, solidifying its position as a foundational infrastructure provider in the Physical AI domain [3] Group 3: Market Position and Valuation - Wuyi Vision has achieved a leading position in China's digital twin solutions market, with projected revenues exceeding 250 million HKD in 2024, making it the first company in the industry to reach this scale [4] - The current market valuation of Wuyi Vision at 18 billion HKD presents a compelling value proposition compared to global AI leaders, indicating potential for significant value re-evaluation amid favorable policy and industry dynamics [4]

Core Viewpoint - 51WORLD is facing significant challenges as it attempts to go public on the Hong Kong Stock Exchange, including ongoing losses, cash flow issues, and declining gross margins [2][3] Financial Performance - From 2022 to 2024, 51WORLD's revenue grew from 190 million to 287 million, with a compound annual growth rate of 22.90% [4] - Despite revenue growth, the company reported losses of 190 million, 87 million, and 82 million during the same period, totaling over 505 million in losses over four years [4] - Operating cash flow has been negative for three consecutive years, with net outflows of 104 million, 133 million, and 114 million, amounting to over 350 million in total [4][5] Cost Structure - High operating costs are a significant burden, with sales expenses of 58 million, 51 million, and 58 million during the reporting period, remaining high relative to revenue [5] - Research and development expenditures have drastically decreased, from 85.7% of revenue in 2021 to 40.2% and 20.3% in 2023 and 2024, respectively [5] Funding Situation - The company's cash reserves have dwindled from 177 million in 2021 to 40 million in 2023, despite a 200 million Pre-IPO round in 2024 [6] - The ability to secure future external financing is uncertain, highlighting the company's precarious position [7] Business Model and Client Base - 51WORLD's revenue heavily relies on its digital twin platform, 51Aes, which accounted for 83.3%, 79.8%, and 82.2% of total revenue during the reporting period [8] - The number of clients for 51Aes decreased from 183 in 2023 to 131 in 2024, indicating challenges in client retention and growth [8][11] - The customer acquisition cost for 51Aes increased from 91,500 to 157,400, impacting its gross margin, which fell from 55.7% to 52.8% [8] Competitive Landscape - 51WORLD's other platforms, such as 51Sim and 51Earth, have shown limited growth and increasing customer acquisition costs, with 51Earth's revenue declining significantly [10][12] - The company faces intense competition from major players like Alibaba Cloud and Tencent Cloud, which have established ecosystems in the "cloud + AI + digital twin" space [12]