审核再提速！单周9宗IPO上会，创业板首家未盈利企业待考

Core Viewpoint - The IPO review process in December 2025 has accelerated, with a record number of companies scheduled for meetings, indicating a robust pipeline for new listings in the Chinese capital markets [1][5]. Group 1: IPO Review Acceleration - A total of 25 companies have been scheduled for IPO meetings in December, setting a new monthly record for the year [5]. - The week of December 22-26 saw nine companies, including Ying's Holdings and Da Pu Wei, scheduled for IPO meetings, marking a new high for the year [1][3]. - The North Exchange leads with 12 companies scheduled for IPO meetings, followed by the ChiNext with 6, and the Shanghai and Shenzhen main boards with 4 companies each [7]. Group 2: Notable Companies and Fundraising - Vision Technology aims to raise approximately 2.015 billion yuan in its IPO, the highest among the scheduled companies [7]. - Da Pu Wei is notable as the first unprofitable company to apply for an IPO on the ChiNext, with a planned fundraising of about 1.878 billion yuan [4][9]. - Ying's Holdings successfully passed its IPO review on December 22, aiming to raise around 334 million yuan, focusing on infant nutrition and hygiene products [3][4]. Group 3: Financial Performance and Industry Focus - Vision Technology reported revenues of approximately 190 million yuan, 215 million yuan, 280 million yuan, and 150 million yuan for the years 2022 to 2025, with corresponding net losses [7][10]. - Da Pu Wei's revenue for 2022-2024 was approximately 557 million yuan, 519 million yuan, and 962 million yuan, with net losses of 534 million yuan, 617 million yuan, and 191 million yuan respectively [10]. - The majority of the companies scheduled for IPO meetings are in the "hard technology" sector, which includes industries such as power semiconductors, new energy batteries, and medical devices [9][12].