IPO这一年：受理放量、过会翻倍、撤单锐减、向“新”而行

Core Insights - The IPO market in A-shares is undergoing transformation in 2024, with a significant increase in IPO activities expected in 2025, characterized by a normalization of acceptance, review, and issuance processes [2] Group 1: IPO Acceptance and Trends - In 2025, a total of 251 IPO applications were accepted across the Shanghai, Shenzhen, and Beijing stock exchanges, which is 3.26 times the number in 2024 [3] - The number of companies that passed the review in 2025 reached 109, doubling the figure from the previous year [5] - The number of withdrawn applications significantly decreased, with only 95 companies terminating their reviews, a reduction of 77% compared to the previous year [7] Group 2: Monthly IPO Activity - June and December are peak months for IPO applications, with June accounting for 60% of the total applications for the year [3] - In June 2025, 150 IPO applications were accepted, while December saw an additional 46 applications [3] Group 3: Fundraising and Industry Distribution - The highest fundraising amount from accepted IPOs was 24.5 billion yuan by China Resources New Energy Holdings, followed by China Electric Power Construction Group with 9 billion yuan [4] - The manufacturing sector dominated the applications, particularly in chemicals, industrial machinery, electronic devices, semiconductors, and automotive components [4] Group 4: Review Success Rates - The approval rate for IPOs in 2025 was 93%, consistent with the previous year, with 62 companies successfully listing after passing the review [5] - Notably, the first unprofitable IPO on the ChiNext board was approved, indicating increased support for innovative companies [5] Group 5: Underwriters and Market Dynamics - The top three underwriters by the number of approved companies were Guotai Junan Securities, CITIC Securities, and CITIC Jianzhong, with 15, 12, and 11 approvals respectively [6] Group 6: IPO Queue Status - As of December 30, 2025, there were 297 companies still in the IPO queue, with the majority (173) planning to list on the Beijing Stock Exchange [8] - Guangdong province had the highest number of companies in the IPO queue, followed by Jiangsu and Zhejiang provinces [9]