Good News on Listing | Frost & Sullivan Assists Beijing Wuyi Vision Digital Twin Technology Co., Ltd. to Successfully List on the Hong Kong Stock Exchange (6651.HK)

Beijing Wuyi Vision Digital Twin Technology Co., Ltd. (hereinafter referred to as 'Wuyi Vision' or 'the Company') successfully listed on December 30, 2025. The Company issued 23,975,200 H shares at a price of HK$30.5 per share, raising a net amount of approximately HK$650 million.

During the process of listing in Hong Kong this time, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, and other important chapters), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange.

Frost & Sullivan has always been a leader in helping companies go public in Hong Kong. According to LiveReport's big data, from January to December 2025 and over the past 36 months, Frost & Sullivan provided listing industry advisory services for 83 (accounting for 72% of the market share) and 180 (accounting for 71% of the market share) Hong Kong IPOs respectively, ranking first in terms of number, with rich industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and various related agencies.

• The company ranked first in revenue in China's digital twin industry in 2024.

   

• The company is the only one in China's digital twin industry that can provide comprehensive digital twin solutions.

Digital twin refers to the virtual representation of physical objects, systems, or processes in the physical world. It is updated based on data collected from various sources (such as IoT devices) and is used to provide more intuitive, multi-faceted, and data-driven representations for physical entities. This is done to improve different scenarios, enable smarter decision-making, and enhance the user experience. Digital twins typically have the following characteristics:

• Multi-faceted presentation: Digital twins can replicate all aspects of physical objects, systems, or processes, presenting an intuitive appearance and providing a more interactive user experience.

   

• Data Integration and Two-Way Information Flow: In addition to historical data, digital twins also integrate real-time data from various sources (such as different IoT devices) in the physical world at specific frequencies to ensure that digital counterparts are synchronized with the physical world. Moreover, since data can be transferred from physical entities to digital twins, insights from digital twins can also be applied to physical entities, thus achieving a two-way information flow.

   

• Simulation and AI training: By providing a comprehensive view of physical entities, digital twins can be used to simulate different scenarios, predict future possibilities, thereby enabling more informed decision-making or validating AI models. They can also provide sufficient synthetic data for training AI models.

Digital twin solutions refer to the implementation of digital twins through cutting-edge technologies such as 3D graphics, simulation, and artificial intelligence. They help users advance design and operational optimization, AI training and validation, as well as user interaction and experience. This improves efficiency, capabilities, and experience in different scenarios. A comprehensive digital twin solution consists of four key components:

• Modeling tool: Provides digital tools to help developers convert all types of raw data into model assets more accurately, quickly, and at a lower cost.

   

• Model Library: Provides various types of models that are precise and suitable for digital twin application development.

   

• Application Development Platform: Provides a development platform for building digital twin applications, including cloud platforms, data platforms, rendering engines, open platforms, core development platforms, andSimulation simulation engineEmpowering application developers.

   

• Applications: Provide general or scenario-specific applications for customers in different scenarios, empowering design and operational optimization, AI training and validation, as well as user interaction and experience.

The digital twin solution market is expected to show the following growth trends:

●Application scenario expansion

The initial main application scenarios of the digital twin solution market were concentrated in the design and operation management of cities, parks, and buildings, as well as water conservancy and water services. However, with continuous technological innovation and growing customer demand, application scenarios will expand to various fields such as healthcare and education. At the same time, the application of AI training and validation, as well as user interaction and experience, will further deepen to meet customers' diverse needs. The market contribution of AI training and validation to the scale of China's digital twin solution market is expected to increase from 35.9% in 2024 to 37.0% in 2029. The contribution of user interaction and experience to the market of digital twin solutions in China is expected to increase from 2.9% in 2024 to 3.4% in 2029.

●Build a digital twin ecosystem

Leading digital twin solution providers will take the lead in focusing on the construction of the digital twin ecosystem. Through cooperation with various partners, they will establish unified industry standards and play an important leading role in the construction of the digital twin ecosystem, thereby building a complete digital twin ecosystem and promoting the healthy development of the digital twin solution market.

●Development of Artificial Intelligence Technology

With the continuous development of AI technology and commercialization, digital twin solutions will further integrate with AI. For example,Generative AITechnology enables people to interact with the digital twin world in natural language, unlocking users' ability to access and control complex digital twin worlds without the need for complex actions; they can simply ask the system in human language. Moreover, since digital twins often involve large amounts of real-time data from various sources, they are difficult to manage. Artificial intelligence technology allows digital twins to compress data while retaining necessary information, thereby more efficiently transmitting and processing data within the digital twin world.

The overall potential market refers to the maximum potential demand for solutions within a specific market. By 2024, the global and Chinese markets for digital twin solutions are expected to reach $132.9 billion and RMB 171.1 billion respectively, and are projected to reach $385.4 billion and RMB 544.9 billion by 2029. The global market scale for digital twin solutions increased from $3.9 billion in 2020 to $10 billion in 2024, with a compound annual growth rate of 26.4% from 2020 to 2024. It is expected to further grow and reach $379 billion by 2029, with a compound annual growth rate of 30.6% from 2024 to 2029. The Chinese market scale for digital twin solutions increased from RMB 4.1 billion in 2020 to RMB 122 billion in 2024, with a compound annual growth rate of 31.6% from 2020 to 2024, which is faster than the global market growth rate. It is expected that by 2029, the Chinese market scale for digital twin solutions will continue to grow to RMB 503 billion, with a compound annual growth rate of 32.7% from 2024 to 2029. Digital twin solutions can be further divided into the following three categories based on application scenarios:Design and operational optimizationAI training and verification, as well as user interaction and experience.

Source: Frost & Sullivan report

The Chinese digital twin solution market is growing rapidly, and the current competitive landscape is relatively fragmented, with a variety of solutions provided by various manufacturers.

The participants in the Chinese digital twin solution market can be divided into two main categories: one-stop solution providers and point-of-sale (POS) solution providers. One-stop solution providers can offer a comprehensive range of products and services, from model asset development tools to applications, as well as cross-domain digital twin applications. In contrast, POS solution providers specialize in certain specific types of products or services and provide digital twin applications within a single domain. One-stop solution providers have several significant advantages over POS providers, including stronger technical capabilities, comprehensive technology knowledge, industry expertise, diverse business models, and development potential.

In terms of revenue from digital twin solutions in 2024, the company is the largest provider of digital twin solutions in China, and the only one among its leading peers offering a one-stop solution.

Source: Frost & Sullivan report

The Chinese digital twin solution market has the following key success factors:

●Leading technology research and innovation capabilities

Digital twin solution providers must possess advanced R&D capabilities to stay at the forefront of technological innovation, ensuring that their digital twin solutions are updated with the latest advancements to provide customers with outstanding performance and functionality.

●Comprehensive one-stop solution capabilities

It is crucial to provide a comprehensive one-stop solution. Digital twin solution providers can offer complete solutions, from initial consultation and design to implementation, integration, and ongoing support, effectively meeting the needs of different customers and providing a seamless user experience.

●Profound domain-specific expertise

A deep understanding of specific industries is crucial. Digital twin solution providers with profound expertise in specific industries can customize their products to address the unique challenges and requirements of each industry, thereby enhancing their importance and value to customers, as different industries or application scenarios may require complete industry-specific expertise. For example, in manufacturing, since digital twins can be used to simulate production processes and optimize operations, the required industrial technology will focus more on understanding the physical systems and workflows within factories, as well as the expertise in deploying sensors and collecting machine data to optimize operations. Meanwhile, in the automotive and transportation sectors, since digital twins are applied to vehicle design, autonomous driving systems, and traffic management, the required industrial technology will focus more on understanding vehicle design, autonomous driving technology, and traffic scenario simulation.

●Well-received brand and reputation

A strong and reputable brand is an important asset for all digital twin solution providers. Providers with well-known and respected brands are more likely to gain customer trust, which can increase the adoption rate of their solutions. Positive word-of-mouth and industry recognition further consolidate their market position.

●ecosystem connectivity

It is crucial to establish and maintain strong connections within the technology ecosystem. Providers that can effectively connect with other technology providers, industry partners, and stakeholders can offer more integrated and comprehensive solutions. This collaborative approach enhances innovation and accelerates the development of more valuable digital twin solutions.

The Digital Twin Design and Operation Optimization Solution refers to the use of cutting-edge technologies such as digital sensing and transmission to analyze massive data generated in the physical world, form intelligent insights, and then feed them back into the physical world, thereby achieving continuous optimization and scientific decision-making of the physical world. The Digital Twin Design and Operation Optimization Solution includes a comprehensive model library (used to manage digital twin models and assets at different granularities), as well as modeling tools and platforms that support data fusion, object modeling, scenario generation, and editing. In addition, it provides industry-specific customized solutions to meet customers' unique digital twin needs. Digital Twin Design and Operation Optimization Solutions typically have the following features, including:

• Constructing Digital Twins: Utilizing 3D graphic technology and simulation techniques to construct digital twins that reflect the real-world physical world;

   

• Data collection and transmission: Utilize various sensors and IoT devices to collect data from the physical world, and transmit the collected data to the digital twin to ensure that the virtual representation is synchronized with the current state of the physical entity; and

   

• Operational Optimization: Utilizing AI technology to analyze large amounts of data and generate actionable insights can help decision-makers better understand the performance and potential risks of physical entities, enabling them to make the wisest and optimal decisions throughout the business operations.

In design and operational optimization, digital twins can achieve real-time data collection and predictive analysis of the physical world, thereby improving management efficiency and optimizing management costs of the physical world.

The Digital Twin Design and Operation Optimization Solution refers to the use of cutting-edge technologies such as digital sensing and transmission to analyze massive data generated in the physical world, form intelligent insights, and then feed them back into the physical world, thereby achieving continuous optimization and scientific decision-making of the physical world. The Digital Twin Design and Operation Optimization Solution includes a comprehensive model library (used to manage digital twin models and assets at different granularities), as well as modeling tools and platforms that support data fusion, object modeling, scenario generation, and editing. In addition, it provides industry-specific customized solutions to meet customers' unique digital twin needs. Digital Twin Design and Operation Optimization Solutions typically have the following features, including:

• Constructing Digital Twins: Utilizing 3D graphic technology and simulation techniques to construct digital twins that reflect the real-world physical world;

   

• Data collection and transmission: Utilize various sensors and IoT devices to collect data from the physical world, and transmit the collected data to the digital twin to ensure that the virtual representation is synchronized with the current state of the physical entity; and

   

• Operational Optimization: Utilizing AI technology to analyze large amounts of data and generate actionable insights can help decision-makers better understand the performance and potential risks of physical entities, enabling them to make the wisest and optimal decisions throughout the business operations.

In design and operational optimization, digital twins can achieve real-time data collection and predictive analysis of the physical world, thereby improving management efficiency and optimizing management costs of the physical world.

The global market size for digital twin design and operation optimization solutions increased from $2.8 billion in 2020 to $7.4 billion in 2024, with a compound annual growth rate of 26.9% from 2020 to 2024. The global market size for digital twin design and operation optimization solutions is expected to continue growing to $274 billion in 2029, with a compound annual growth rate of 30.0% from 2024 to 2029. The market size for digital twin design and operation optimization solutions in China increased from RMB 2.5 billion in 2020 to RMB 7.5 billion in 2024, with a compound annual growth rate of 31.0% from 2020 to 2024. The market size for digital twin design and operation optimization solutions in China is expected to continue increasing to RMB 300 billion in 2029, with a compound annual growth rate of 32.0% from 2024 to 2029.

Source: Frost & Sullivan report

The Chinese digital twin design and operation optimization solution market is mainly driven by the following factors:

●Enterprise-level customer needs

With increasingly fierce competition in the business environment, enterprise-level customers are leveragingDigital Twin TechnologyThe demand for optimizing operational efficiency is constantly rising. Digital twin technology can create virtual models of physical assets, processes, and systems, and monitor and optimize actual operations through real-time data and simulation. This not only improves the operational efficiency of enterprises but also reduces costs and risks, enhancing the accuracy and timeliness of decision-making.

●The application scenarios are constantly expanding.display

The application scenarios of Digital Twin Design and Operation Optimization Solutions will continue to expand from urban, industrial manufacturing, and water services to retail, energy, healthcare, and other applications, thereby further driving market growth opportunities.

●The ecosystem is complete

As more enterprises join the digital twin ecosystem, collaboration between partners will be further deepened to jointly drive technological innovation and application expansion. For instance, in large-scale smart city construction projects, different enterprises and government departments can share urban operation data through a unified digital twin platform to optimize resource allocation and urban management.

Based on the revenue from digital twin design and operation optimization solutions in 2024, we are the largest provider of such solutions in China, and also the only one-stop solution provider among leading players:

Source: Frost & Sullivan report