2025年A股IPO收官：111家企业募资1253亿元，近半投向科创领域

Core Insights - The A-share IPO market in 2025 has shown a significant transformation towards quality over quantity, with a total of 111 companies listed, reflecting an 11% year-on-year increase, while the total fundraising amount reached 125.32 billion yuan, marking an 86.07% increase compared to the previous year [1][3]. Summary by Categories IPO Market Overview - The A-share IPO market has transitioned from "scale expansion" to "quality priority" over the past five years, indicating a more mature development phase [1][5]. - The average fundraising amount per IPO increased by 4.55 million yuan, representing a 67.51% year-on-year growth [3]. Fundraising Distribution - The top ten IPOs raised a total of 56.17 billion yuan, accounting for 44.82% of the total fundraising for the year, with a year-on-year growth of 197.52% [5]. - The majority of IPOs raised less than 1 billion yuan, with 42 companies raising below 500 million yuan and 40 companies raising between 500 million and 1 billion yuan [3]. Sector Performance - The electronics sector emerged as the top performer, with 19 companies raising a total of 33.74 billion yuan, representing 17.12% of the total number of IPOs and 26.93% of the total fundraising [9][10]. - Other significant sectors included automotive, public utilities, and biomedicine, with respective fundraising amounts of 22.93 billion yuan, 18.17 billion yuan, and 9.07 billion yuan [9][10]. Market Characteristics - The IPO market in 2025 is characterized by "few but excellent" listings, with a concentration on large-scale projects that significantly boosted fundraising [5]. - A total of 99 companies had their IPO applications terminated, a decrease of 335 companies, indicating stricter regulatory standards and a more cautious approach to applications [6]. First-Day Performance - The average first-day increase for newly listed stocks reached 256.77%, the best performance in three years, with investors seeing returns exceeding 2.5 times the issue price [12]. - Notable first-day performers included Dapeng Industrial, which saw a staggering increase of 1211.11% [13][15]. Noteworthy IPOs - The listing of Moxie Co. set a new record for single-sign profits, with investors earning up to 362,600 yuan, making it the most profitable new stock since the full registration system was implemented [16].