KAIYUAN SECURITIES·2025-06-02 05:14Group 1 - The report highlights the steady growth in the number of companies listed on the New Third Board since the opening of the Beijing Stock Exchange, with 145 companies listed from January to May 2025, representing a year-on-year increase of 49.48% [1][9][10] - The quality of companies listed on the New Third Board has improved, with 34.48% of companies having revenues between 5-10 billion and 42.07% of companies reporting net profits between 50-100 million [1][12][19] - The average and median revenue of newly listed companies in 2025 were 1.029 billion and 517 million, respectively, which are higher than the corresponding figures for companies on the Beijing Stock Exchange [19][23] Group 2 - The report indicates that the North Exchange 50 Index rose to 1408.68 points, with a weekly increase of 2.82%, while the overall PE ratio for North Exchange A-shares increased to 49.27X [2][29][31] - The liquidity of North Exchange A-shares showed a decline, with an average daily trading volume of 25.44 billion, down 29.23% from the previous week [2][26][28] - The report suggests that companies in the high-end equipment, information technology, chemical new materials, consumer services, and pharmaceutical biology sectors have varying PE ratios, with information technology leading at 96.62X [2][37][42] Group 3 - The IPO review process for the North Exchange saw two companies approved and six new applications received during the week of May 26 to May 30, 2025 [3][47] - The report notes that the median first-day price fluctuation for newly listed companies from January 2024 to May 2025 was 201.36% [47] - The top three underwriters by project volume from January to May 2025 were Kaiyuan Securities, CITIC Construction Investment Securities, and Guotai Junan Securities, each with 11 new listings [22][24]