Recently, Beijing Wuyi Vision Digital Twin Technology Co., Ltd. (hereinafter referred to as "51WORLD") updated its prospectus, once again challenging the "first stock of digital twins".
As the commercial products and solutions of its three core businesses gradually enter the market, 51WORLD achieved a year-on-year revenue growth of 12.1% and a 33% reduction in losses in 2024.
The prospectus shows that from 2022 to 2024, 51WORLD's revenue will be 169 million yuan, 256 million yuan, and 287 million yuan respectively, with a compound annual growth rate of 30%.
Meanwhile, 51WORLD's losses are also narrowing. In 2022, 2023, and 2024, the adjusted net loss (not measured under International Financial Reporting Standards) was RMB 132 million, RMB 68 million, and RMB 45 million, respectively. Among them, the adjusted net loss in 2024 narrowed by 32.8% year-on-year.
51WORLD was founded in 2015, providing customers with digital twin products and solutions based on 3D graphics, simulation, and artificial intelligence technology. According to the Frost&Sullivan report, 51WORLD is the largest digital twin solution provider in China based on its 2023 revenue from digital twin solutions.
According to the prospectus, 51WORLD has built three core businesses around 3D graphics, simulation, and artificial intelligence (AI) technologies: 51Aes digital twin development and application platform, 51Sim synthetic data and simulation platform, and 51Earth digital earth platform.
It is worth noting that 51WORLD has laid out in emerging fields such as embodied intelligence and smart tourism. For example, the 51Sim synthetic data and simulation platform has opened up new application scenarios, extending its business from autonomous driving to the fields of intelligent equipment and embodied intelligence, and has already reached cooperation agreements with two clients. At the same time, 51Sim is also conducting research and development on embodied intelligence synthesis data. With the help of AI driven simulation and synthesis data technology, it has improved the training and verification efficiency of humanoid robots and quadruped robots, and helped to achieve the large-scale implementation of embodied intelligence.
In addition, See3 brand under 51Earth has achieved new breakthroughs in the field of smart cultural tourism. In Dujiangyan Irrigation Project, Chengdu, See3 integrates cutting-edge technologies such as VR and MR, and plans to launch digital product packages such as smart earphones, local smart services, and digital tickets to help the scenic spot achieve intelligent upgrading and improve tourist experience and operation efficiency.
