A股IPO新貌：开年撤单锐减、北交所提速，五大变化看懂新生态

Group 1 - The core viewpoint of the article highlights five significant changes in the A-share IPO ecosystem as the stock market stabilizes [1] Group 2 - Change One: The number of IPO withdrawals has drastically decreased, with only 6 companies retracting their applications in the first 57 days of 2026, compared to an average of 33 per month during the peak in 2024 [2] - Change Two: The quality of companies waiting for IPOs has significantly improved, with over 90% of the 43 companies on the main board achieving a net profit exceeding 200 million yuan in the past year, which is double the baseline; over 60% of companies on the ChiNext board have reached the 100 million yuan profit threshold [3] - Change Three: Regulatory inquiries have become more detailed and categorized, with a 2025 inspection by the CSRC showing that none of the 20 companies under investigation withdrew their applications, and 60% only had minor issues with information disclosure [4] - Change Four: The focus is now on the quality of IPOs, with a steady acceleration; despite a continuous recovery in the stock market since the "924 market" in 2024, only 111 new stocks were listed in 2025, an increase of 12 from 2024, with a strong emphasis on the quality of IPO reviews [5] - Change Five: The Beijing Stock Exchange has shown a notable acceleration recently, with 11 new stocks listed in the first 57 days of 2026, approaching half of the total for 2025, supported by improvements in turnover rates and price-earnings ratios [6] - Forecasts from investment banks suggest that the IPO pace on the Beijing Stock Exchange may return to around 80 listings per year in 2026, while other sectors have limited short-term acceleration potential [7]