IPO盘点 | “三高”变“三低”，中签率创新低

Core Viewpoint - The new stock market has shifted from a "three highs" issuance model (high issuance price, high P/E ratio, high oversubscription) to a "three lows" model (low issuance price, low P/E ratio, low oversubscription), which has improved the investment environment and reduced risks for investors [1][3][22]. Summary by Sections New Stock Market Trends - In the first half of the year, the new stock market showed a trend of low issuance prices, low P/E ratios, and low oversubscription, contrasting with previous years' high-risk environment [1][3]. - No new stocks experienced a price drop on their debut, indicating a positive market sentiment [8][9]. Issuance Price and P/E Ratio - The average issuance P/E ratio for new stocks in the first half of 2025 was 18.83 times, down from 22.87 times in the same period last year [3][4]. - Among 51 newly listed companies, 40 had a P/E ratio not exceeding 23 times, accounting for 78.43% [3][4]. - The highest P/E ratio was 42.64 times for Shengke Nano, while the lowest was 6.14 times for Haibo Sichuang [3][4]. Subscription and Profitability - The average subscription rate for new stocks has significantly decreased, with the average online subscription rate in the first half of 2025 at 0.0289%, about half of last year's average [14][15]. - Despite the low subscription rates, 41 new stocks had a profit of over 10,000 yuan per subscription, representing 80% of the total [9][13]. Fundraising and Oversubscription - The total fundraising amount for new stocks in the first half of 2025 was 37.721 billion yuan, an increase from 32.493 billion yuan in the same period last year [17]. - The number of new stocks with oversubscription decreased to 11, accounting for 21.57% of the total, compared to 40.91% in the previous year [19]. Regulatory Changes and Support for Unprofitable Companies - The China Securities Regulatory Commission (CSRC) has introduced new rules to regulate the use of raised funds, emphasizing that oversubscribed funds should not be used for permanent working capital or repaying bank loans [18][19]. - New policies have been released to support unprofitable companies in going public, with a notable increase in the acceptance of unprofitable firms for IPOs [22][23].