Beijing 51World Digital Twin Technology (6651) H2 2025 earnings summary

Executive summary

• Revenue rose 21.0% YoY to RMB347.8m in 2025, while gross profit fell 29.1% to RMB104.2m and net loss widened to RMB186.0m.

• December 2025 Main Board listing raised net proceeds of HK$649.9m; 2025 strategy centered on Physical AI infrastructure, simulation and synthetic data.

Financial highlights

• Revenue increased from RMB287.4m to RMB347.8m; cost of sales rose from RMB140.5m to RMB243.6m.

• Gross profit decreased from RMB146.9m to RMB104.2m; gross margin contracted from 51.1% to 30.0%, reflecting lower-margin integrated solution projects.

• Operating loss widened to RMB179.2m from RMB71.0m; net loss increased to RMB186.0m from RMB79.0m.

• R&D expenses rose to RMB82.3m from RMB58.3m; impairment losses on receivables and contract assets increased to RMB41.3m from RMB22.2m.

• Basic and diluted loss per share was RMB0.48 versus RMB0.21 in 2024.

Outlook and guidance

• 2026 priorities include strengthening the World Spatial Model, Simulation Training Platform and Synthetic Data Fuel to pursue Physical AI growth.

• 51Sim plans a Physical AI Factory usage-based model combining computing power, software and data; expansion targets embodied AI and low-altitude aircraft.

• 51Aes plans domestic hardware-software solutions, Clonova-powered spatial intelligence and a shift toward SaaS subscriptions; overseas focus is the Middle East and Southeast Asia.