东北证券：科创板2025年上半年各阶段项目分析报告

Group 1: Overall Situation of the Science and Technology Innovation Board (STIB) - In the first half of 2025, the STIB accepted 21 new companies, compared to 6 in the entire year of 2024 [1] - A total of 7 companies successfully listed in the first half of 2025, while 15 companies listed in 2024 [11] - 3 projects were terminated in the first half of 2025, with 75 projects terminated in 2024 [14] Group 2: Acceptance and Registration Analysis - The 21 accepted companies are distributed across 8 sub-industries, with the largest being the computer, communication, and other electronic equipment manufacturing industry, accounting for 42.86% [1] - Among the accepted companies, 15 adopted Listing Standard One, while others used various special voting rights standards [1] - The average net profit of the 15 companies using Listing Standard One in 2024 was 11,108.3 million yuan, an increase of 30.64% compared to 2024 [7] Group 3: Financial Data of Accepted Companies - The average revenue of the 15 companies under Listing Standard One in 2024 was 61,571.80 million yuan, a decrease of 8.82% compared to 2024 [7] - The highest net profit among these companies was 33,816.81 million yuan [7] - The revenue distribution showed that 40% of the companies had revenues greater than 500 million yuan [7] Group 4: Analysis of Listed Companies - The 7 newly listed companies in the first half of 2025 were from 6 different sub-industries, with the computer, communication, and other electronic equipment manufacturing industry representing 28.57% [13] - All 7 listed companies adopted Listing Standard One [13] - The average net profit of these companies in 2024 was 30,975.26 million yuan, an increase of 8.19% compared to 2024 [13] Group 5: Termination Analysis - The 3 terminated projects in the first half of 2025 were from 3 different sub-industries, including computer, communication, and electronic equipment manufacturing [15] - Two of the terminated companies applied under Listing Standard One, while one used Listing Standard Four [16] - All terminated projects were classified as voluntarily withdrawn [16]