东北证券：创业板2025年上半年各阶段项目分析报告

Core Insights - The report by Northeast Securities analyzes the status of the ChiNext market in the first half of 2025, detailing the number of companies accepted, approved, listed, and terminated, providing a comprehensive view of the current development trends in various stages of the ChiNext projects [1] Acceptance Analysis - A total of 21 new companies were accepted in the ChiNext during the first half of 2025, all of which are currently under review, with no new acceptances in the first half of 2024 [2] - The 21 companies span 9 different industries, with the largest representation in the computer, communication, and other electronic equipment manufacturing sector, accounting for 33.33% [3] - Among the 21 companies, 20 adopted the standard listing criteria for ChiNext, while 1 used the special voting rights listing criteria [3][4] Financial Data - The 20 companies that adopted standard listing criteria reported an average net profit of 19,680.60 million, with a median of 16,889.46 million, and the highest reaching 57,030.83 million [4][5] - All 20 companies reported revenues exceeding 40,000 million, with an average of 150,603.55 million and a median of 95,897.50 million [5] Regional Distribution - The 21 accepted companies are distributed across 8 regions, with Guangdong having the highest representation at 33.33% [5] Approved or Registered Companies Analysis - In the first half of 2025, 8 companies were approved or registered but not yet listed, a decrease from 19 in the first half of 2024 [6] - These 8 companies are involved in 6 different industries, with the electrical machinery and equipment manufacturing sector and the computer, communication, and other electronic equipment manufacturing sector each accounting for 25% [6] Listing Situation Analysis - A total of 20 companies were newly listed in the ChiNext during the first half of 2025, compared to 15 in the same period of 2024 [7] - The listed companies are also distributed across 9 industries, with the computer, communication, and other electronic equipment manufacturing, automotive manufacturing, and specialized equipment manufacturing sectors each having 4 companies [7][8] Termination Analysis - In the first half of 2025, 23 companies were terminated from the ChiNext, a significant decrease from 86 in the first half of 2024 [9] - The terminated companies span 12 different industries, with the computer, communication, and other electronic equipment manufacturing, automotive manufacturing, and software and information technology service sectors each having 3 companies [10][11] - Among the 23 terminated companies, 20 used standard listing criteria, 2 used special criteria, and 1 used red-chip criteria [11]