2025资本市场持续“新陈代谢”：110余家IPO融资超1200亿元，近200家公司遭“戴帽”

Group 1 - The capital market in 2025 has shown strong self-renewal vitality amidst complex internal and external environments, with a significant increase in IPOs and a rigorous cleansing of existing risks by regulators [1] - A total of 111 companies successfully went public in the A-share market, raising 125.32 billion yuan, marking a substantial increase in both quantity and scale compared to 2024 [2] - The IPO landscape is characterized by a stable main board, active innovation boards, and the North Exchange filling gaps, with the Shanghai main board leading in fundraising [2] Group 2 - Structural differentiation in fundraising is evident, with 29 companies raising over 1 billion yuan and 14 companies over 2 billion yuan, highlighting the parallel development of large enterprises and "mini IPOs" [3] - Nearly 200 companies have been subjected to ST or *ST treatment, indicating a significant "hat-wearing tide" that reflects the regulatory commitment to purifying the existing market [4] - The reasons for companies being "hat-wearing" have diversified, with over 100 companies facing issues related to financial data not meeting standards, showcasing a comprehensive risk landscape [4][5] Group 3 - 28 companies have completed delisting in 2025, indicating a normalization of the delisting process, primarily due to financial non-compliance and major violations [6] - The increase in voluntary delisting cases reflects a more rational understanding of delisting among market participants, viewing it as a means to optimize resource allocation [6] - The capital market is transitioning towards a healthier ecosystem, moving away from a rigid "only in" model to one that embraces "entry and exit, survival of the fittest" [7]