“Physical AI第一股”五一视界通过港交所聆讯港股18C稀缺标的浮出水面

新浪财经2025-12-16

转自：证券日报网本报记者袁传玺近日，数字孪生与仿真领军企业北京五一视界数字孪生科技股份有限公司（以下简称“五一视界”或“51WORLD”）正式通过港交所上市聆讯，有望成为全球首家登陆资本市场的Physical AI（物理人工智能）原生企业。在生成式AI热潮渐趋理性之际，资本市场正将目光投向更具实体经济穿透力的新范式——让AI从“回答问题”走向“执行任务”。而五一视界构建起...

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AI全栈闭环的稀缺标的，其IPO不仅验证技术商业化路径，更可能推动港股估值逻辑从短期盈利转向硬科技底层价值，引领市场对AI基础设施类资产的重新定价，为更多具身智能与空间智能企业打开融资通道。”有行业分析师对《证券日报》记者表示。从数字孪生到物理执行    构建AI进入真实世界的全栈闭环    Physical AI并非概念炒作，而是要求AI系统在真实物理环境中具备感知、推理、决策与执行的完整能力。正如黄仁勋在GTC 2025所言，AI已从感知、生成、代理阶段，迈向能与物理世界交互的“Physical AI”时代。而实现这一跃迁，离不开三大支柱：高质量数据燃料、空间智能模型以及高置信度训练平台。    五一视界正是全球少数同时掌握这三要素的企业。其技术演进路径清晰呈现为三个阶段：从“重建世界”（Digital Twin）到“推演世界”（Simulation），最终走向“改变世界”（Physical AI）。依托自研的51Aes数字孪生基座，公司构建了可被AI理解的结构化物理世界表达层，具备多源数据融合、超大规模建模、空间语义解析与虚实同步四大核心能力，为上层智能体提供“世界认知底座”。    在数据侧，五一视界凭借多年利用图形引擎对真实世界进行数字孪生重建的经验，整合物理仿真渲染、3DGS/4DGS神经辐射场重建、世界模型生成等全栈技术路径。招股书披露，其合成数据真实率达90%，场景可控性与多感知一致性均达100%；动力学、激光雷达、摄像机仿真的可信度分别高达95%、95%与90%。    上述分析师表示，这一能力意味着AI可在安全、低成本、高覆盖的虚拟环境中完成百万级试错，尤其有效破解自动驾驶等场景中“长尾问题”的训练瓶颈。    产品层面，五一视界已形成“平台+应用”双轮驱动：51Sim世界模型仿真训练平台支持强化学习与多智能体协同，支撑VLA（视觉-语言-行动）模型的端到端训练；Clonova与Aperdata则分别面向人机沉浸交互与具身智能执行，打通“数字指令”到“物理动作”的最后一环。“这种从底层引擎到行业智能体的完整产品矩阵，使五一视界远超传统数字孪生厂商定位，真正成为Physical AI时代的‘操作系统级’基础设施提供商。”上述分析师表示。全行业落地能力构筑稀缺壁垒    夯实18C硬科技成色    技术领先性最终需由商业落地与财务表现验证。招股书显示，五一视界已服务全球超百家智能驾驶客户，包括主流主机厂、Tier1供应商及国家级检测机构，为其提供全场景合成数据与仿真验证闭环。    在智慧工厂领域，其孪生车间可实时预测设备故障并触发预维指令，显著降低停机损失；在智慧能源方向，联合国家重点实验室开发的动态地质模型，实现灾害靶点识别准确率超95%，精准施治效率提升70%以上；在交通枢纽、水利水务、工程机械等场景，亦形成可复制的标杆案例。    尤为关键的是，公司商业模式正从项目制向平台订阅与SaaS化演进，收入结构持续优化。2022年至2024年及2025年上半年，五一视界营收分别为1.70亿元、2.56亿元、2.87亿元和0.54亿元，2025年上半年营收同比增长62%。其中，2024年核心产品51Aes实现营收2.36亿元，占总营收的82.1%；51Sim聚焦智能驾驶与具身智能仿真，贡献营收0.48亿元；51Earth虽尚处早期阶段，但已实现0.04亿元收入，并在文旅等场景展开探索。    值得关注的是，人工智能的高速发展正加速机器人产业扩张。IDC预测，到2029年全球机器人市场规模将突破4000亿美元，其中具身智能占比超30%——而具身智能体的训练与部署，有赖于五一视界这类支持多智能体协同和强化学习的高保真仿真环境，以及支撑对物理世界统一认知的多维度合成数据引擎。    更大的想象空间在于Physical AI本身的万亿元级潜力。相关数据显示，Physical AI可商业化市场规模预计每年达400亿至700亿美元，其影响将覆盖占全球GDP60%以上的物理经济体系。相较之下，内容AI仅作用于信息层，而Physical AI直指城市、交通、能源、制造等实体命脉，“价值远大于内容AI，是未来十年最大的增量市场”。    在此背景下，五一视界作为港股18C章下的稀缺标的通过聆讯，战略价值凸显。有业内人士认为，这不仅是五一视界的里程碑，更是Physical 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“Physical AI第一股”五一视界通过港交所聆讯港股18C稀缺标的浮出水面