东北证券：2025年上半年主板IPO各阶段项目分析报告

Summary of Key Points Core Viewpoint The report from Northeast Securities provides a comprehensive analysis of the IPO projects on the main board for the first half of 2025, detailing the number of companies accepted, approved, listed, and terminated, along with insights into industry distribution, financial data, and regional representation. Group 1: New Applications - A total of 20 companies were newly accepted for review on the main board in the first half of 2025, compared to only 1 company in the same period of 2024 [2] - The 20 companies span 13 different industries, with the largest sectors being chemical manufacturing, computer and electronic equipment manufacturing, and automotive manufacturing, each contributing 15% to the total [2] - Among the accepted companies, 17 adhered to the first listing standard, while the others followed different standards [2][3] Group 2: Approved or Registered Companies - By June 30, 2025, 11 companies had been approved or registered but had not yet listed, an increase from 4 in the previous year [9] - These companies are distributed across 10 industries, with the computer and electronic equipment manufacturing sector having the highest representation [9] - All 11 companies that were approved or registered adhered to the first listing standard [10] Group 3: Listed Companies - A total of 18 companies successfully listed on the main board in the first half of 2025, compared to 12 in the same period of 2024 [11] - The listed companies are involved in 11 different industries, with automotive manufacturing and specialized equipment manufacturing being the most prominent [12] - All listed companies adhered to the first listing standard, with an average net profit of 43.63 million yuan, reflecting a 46.31% increase year-on-year [13] Group 4: Terminated Projects - There were 23 companies that terminated their IPO applications in the first half of 2025, a significant decrease from 110 in the same period of 2024 [14] - The terminated companies were involved in 18 different industries, with the computer and electronic equipment manufacturing sector again being the most affected [15] - The majority of the terminations were due to voluntary withdrawal of applications, with only a few cases of registration termination [16][17] Group 5: Financial Data - The average net profit for the 10 approved or registered companies was 117.95 million yuan, with the highest being 883.11 million yuan [10] - The average net profit for the listed companies was 43.63 million yuan, with the highest being 378.72 million yuan [13] - Among the terminated companies, only 4 disclosed financial data, showing varied performance in net profit changes [19] Group 6: Regional Distribution - The new applications were concentrated in 12 regions, with Zhejiang being the most represented [8] - The approved or registered companies were primarily from 5 regions, with Guangdong and Jiangsu having the highest numbers [11] - The terminated companies were also distributed across 11 regions, with Guangdong leading in terminations [21]