北交所上半年IPO受理115单创新性与业绩可持续性成审核重点

Core Insights - The number of IPO applications accepted by the Beijing Stock Exchange (BSE) in the first half of 2025 reached 115, with June alone accounting for 97 applications, representing over 80% of the total [1][2] - The focus of the review process is on the innovation and sustainability of the companies' performance, with over 90% of the accepted companies currently undergoing the review process [1][2] Group 1: IPO Trends - June is identified as a peak period for IPO applications due to the financial reporting submission window, with a deadline of June 30 for companies whose financial data is valid for six months [2] - The increase in applications is attributed to a backlog of projects and companies transitioning from other boards to the BSE, indicating the growing attractiveness of the BSE [2] Group 2: Review Criteria - The listing thresholds and review standards at the BSE remain unchanged, emphasizing the principle of "mature one, promote one" while focusing on innovation and preventing financial fraud [2][3] - The BSE has established specific quantitative indicators for innovation, such as a research and development (R&D) intensity of over 3% of revenue or an average R&D investment of over 10 million yuan in the last three years [2] Group 3: Company Performance and Innovation - Companies that have recently applied for IPOs or successfully passed the review have shown a strong emphasis on R&D investment [3] - For instance, companies like Aotu Co., Lain Precision, and Balanshi have consistently increased their R&D expenditures, maintaining a high ratio of R&D to revenue [3] Group 4: Inquiry Focus - The BSE's inquiries focus on companies' innovation capabilities and competitive advantages, requiring detailed explanations of their technological advancements and market positioning [4] - Companies like Senhe High-Tech and Medela have been asked to provide evidence of their technological superiority and ongoing R&D capabilities [4] Group 5: Performance Fluctuations - The BSE is also scrutinizing the reasons behind revenue fluctuations and the sustainability of business operations, as seen in the cases of Dayang Co. and Haiseng Medical [5][6] - Companies are required to justify inconsistencies in revenue and profit trends, as well as provide insights into their future performance based on current orders and market conditions [5][6]