来源：一云投资 导语 开年A股IPO审核快，本周和下周，均审核6家。 本周五首现IPO审核暂停，拟登陆北交所的信胜科技被暂缓审议！ 2024年净利润1.2亿元的信胜科技，未能过关，到底啥原因？本期一云投资有专家最新解读！ 下周上会6家又是啥成色？ 2026年A股IPO后备力量充足！一云投资最新统计显示，2025年共有410家企业辅导备案，332家新三板 挂牌。 哪些券商机构排名靠前？哪些省份、城市IPO潜力更大？ 本期一云投资详细统计。 小金、媛媛|作者 小海|编辑 A 最新IPO看点 1 开年首现上会企业暂缓！ 北交所净利润过亿，啥原因？ "暂缓审议"！周五（1月16日）晚间，北交所公布了当日下午对信胜科技上会审议的结果。2026年以 来，北交所上市审核的节奏明显提速，仅仅半个月时间，北交所就已经召开5次上市委审议会议，信胜 科技是2026年开年第一家被上市审议委员会暂缓审议的公司。 信胜科技在2023年和2024年，净利润分别达到了5886.2万和1.2亿元，2025年上半年超8000万！为何会暂 缓审议？ 今天，IPO专业人士有如下分析： 首当其冲的即为关于信胜科技经营业绩真实性。 信胜科技第三方回款的 ...

Core Viewpoint - The article provides an overview of recent IPO activities in Hong Kong, the US, and A-shares, highlighting several companies that have submitted their prospectuses for listing on the Hong Kong Stock Exchange. Group 1: Yuanji Food - Yuanji Food Group Co., Ltd. submitted its prospectus to the Hong Kong Stock Exchange on January 12, 2026, aiming for a main board listing, with Huatai International and GF Securities as joint sponsors [3] - Established in 2017, Yuanji Food has become the largest Chinese fast-food enterprise globally and the largest dumpling and wonton company in China, focusing on "handmade, freshly wrapped and cooked" products [3] - As of September 30, 2025, Yuanji Food operated 4,266 stores across China and Southeast Asia, with a GMV of 47.72 billion yuan in 2023 and 62.47 billion yuan in 2024, representing a year-on-year growth of 30.9% [4] Group 2: Qian Dama - Qian Dama International Holdings Limited submitted its prospectus to the Hong Kong Stock Exchange on January 12, 2026, with CICC and Agricultural Bank of China International as joint sponsors [6] - Founded in 2014, Qian Dama focuses on providing fresh, high-quality products and has pioneered the "discount day clearance" sales model, becoming the absolute leader in the community fresh food retail market in South China [6] - As of September 30, 2025, Qian Dama had 2,938 community stores across 14 provinces, with a GMV of 148 billion yuan in 2024 [7] Group 3: Big Pizza - Big Restaurant International Holdings Limited submitted its prospectus to the Hong Kong Stock Exchange on January 16, 2026, with Bank of China International as the sole sponsor [10] - Established in 2002, Big Pizza operates 342 stores across 28 provinces and cities in China, with plans to open approximately 610 to 790 new stores from 2026 to 2028 [10] - In the first three quarters of 2025, Big Pizza achieved a GMV of 17 billion yuan, ranking first among domestic pizza restaurants [10] Group 4: Zeling Bio - Chengdu Zeling Biopharmaceutical Technology Co., Ltd. submitted its prospectus to the Hong Kong Stock Exchange on January 13, 2026, with Jefferies and CICC as joint sponsors [14] - Founded in 2019, Zeling Bio focuses on developing innovative small molecule therapies for unmet medical needs in blood system diseases, tumors, and CNS diseases [14] - As of January 5, 2026, Zeling Bio has established a pipeline of eight proprietary assets, including two core products in Phase 3 clinical trials [14] Group 5: Jia Yin Bio - Exegenesis Bio Inc. submitted its prospectus to the Hong Kong Stock Exchange on January 14, 2026, with Jianyin International as the sole sponsor [18] - Founded in 2019, Jia Yin Bio specializes in gene therapy and oligonucleotide drugs, with a focus on developing a diverse and scalable product pipeline [18] - The core candidate product EXG001-307 is a potential best-in-class therapy for spinal muscular atrophy (SMA) type 1, currently in the registration clinical trial phase [19] Group 6: Yu Yan Tang - Harbin Yu Yan Tang Traditional Chinese Medicine Clinic Group Co., Ltd. submitted its prospectus to the Hong Kong Stock Exchange on January 16, 2026, with 招银国际 and 国元国际 as joint sponsors [21] - Established in 2018, Yu Yan Tang provides a full lifecycle of TCM medical services, operating a network of 48 licensed medical institutions in northern China [21] - The company ranked fifth among private chain TCM service providers in China by total revenue in 2024, with a customer repurchase rate of 81.1% in the first three quarters of 2025 [22] Group 7: Lao Xiang Ji - LXJ International Holdings Limited updated its prospectus to continue the listing process on the Hong Kong Stock Exchange, with CICC and Guotai Junan as joint sponsors [24] - Founded in 2003, Lao Xiang Ji operates 1,658 stores across 61 cities in China, with a market share of 0.9% in the Chinese fast-food industry [24] - The company reported revenues of 45.28 billion yuan in 2022, 56.51 billion yuan in 2023, and 62.88 billion yuan in 2024, with a 10.9% increase in revenue in the first eight months of 2025 [26]

Core Insights - The potential IPO of SpaceX is estimated to range from $800 billion to over $1 trillion, which would make it the largest offering in history and could position its founder, Elon Musk, as the world's first trillionaire [1] - SpaceX has transformed from a launch services company into a global aerospace and communications platform, significantly tied to the AI revolution, with its Starlink satellite network generating recurring revenue and providing strategic geopolitical infrastructure [2] - The IPO market is expected to reopen in 2026, driven by a small number of mega-cap private companies, which could absorb substantial institutional capital and reshape the market landscape [4][7] SpaceX and Other Major Players - SpaceX is viewed as the most significant potential IPO among large private companies, with its listing likely to redefine the IPO cycle [3] - OpenAI is also positioned as a major player in the upcoming IPO landscape, with market estimates for its public value ranging from hundreds of billions to over $1 trillion [8] - Anthropic, another AI systems developer, is seen as a credible candidate for an IPO, with an estimated valuation of around $350 billion [9] Market Dynamics and Trends - The IPO market has been historically stalled due to rising interest rates, volatile equity markets, and regulatory uncertainties, leading to a backlog of mature private companies ready for public listings [6] - The upcoming IPO wave is expected to be characterized by capital concentration, where a few mega-cap companies dominate the market, potentially sidelining smaller IPOs [4][13] - The success of a few large IPOs may determine the overall market conditions for smaller companies looking to go public [14] Other Notable Companies - Databricks, valued at over $130 billion, is considered a strong candidate for an IPO due to its well-understood business model in data analytics and AI infrastructure [15] - Stripe, with an estimated valuation between $90 billion and $120 billion, is another durable fintech IPO prospect, deeply embedded in global digital commerce [16] - Companies like Revolut, Canva, and Strava are also part of the conversation for potential IPOs in 2026, indicating a renewed interest in consumer-facing tech [17] Investor Sentiment and Market Readiness - There is a growing appetite for IPOs, with evidence of renewed momentum as investor demand for private companies has doubled year over year [19] - The recent filing of Bob's Discount Furniture for an IPO signals a broader belief in market stability and investor willingness to underwrite cyclical risks [22] - The overall sentiment suggests that the IPO pipeline is becoming more imminent, with the potential to redefine the market landscape if these listings succeed [25]

Core Viewpoint - The IPO application of Lichi Intelligent Equipment Co., Ltd. reveals significant discrepancies between its impressive financial growth and underlying governance issues, particularly concerning the actual controller's capital operations and the company's financial practices [1][31]. Group 1: Financial Performance and Concerns - Lichi Intelligent's revenue surged from 619 million to 2.173 billion over three years, with net profit increasing from 107 million to 270 million [24][31]. - The company heavily relies on tax incentives, with total tax benefits amounting to 132 million from 2022 to 2024, constituting over 20% of net profit during the same period [4][26]. - The company's cash dividend distribution of approximately 1.07 billion to the actual controller raises questions about the authenticity of its funding needs, as it simultaneously seeks to raise 200 million for operational liquidity [4][13]. Group 2: Governance and Compliance Issues - The actual controller, Lu Haodong, acquired shares worth 52.4 million through various low-cost channels, raising compliance concerns regarding the legitimacy of these stock incentives [3][12]. - Lichi Intelligent has faced multiple legal disputes, including customs violations and contract disputes totaling over 13.57 million, indicating systemic flaws in compliance and contract management [4][30][31]. - The company has a history of compliance issues, including administrative penalties for customs violations, reflecting systemic management deficiencies [29][30]. Group 3: Business Structure and Market Risks - The company's business is highly concentrated in the lithium battery sector, with over 90% of revenue derived from this industry from 2022 to 2024, making it vulnerable to market fluctuations [5][21]. - Major clients account for a significant portion of revenue, with the top five clients contributing 86.87%, 81.67%, and 74.27% of sales from 2022 to 2024, indicating a lack of diversification [5][7]. - The company's product structure shows instability, with a 79.02% decline in single machine equipment revenue, despite significant growth in material intelligent processing systems [21][22]. Group 4: IPO Process and Market Position - Lichi Intelligent's IPO application was accepted on June 26, 2025, and quickly entered the inquiry stage, indicating a rapid progression in the listing process [8]. - The company claims a market share increase in lithium material intelligent processing systems from 27% in 2023 to 43% in 2024, although this growth occurred amid a slowing industry [23]. - The underwriting firm, Guotai Junan Securities, has experience in the equipment manufacturing sector but may face challenges in conducting thorough due diligence due to managing multiple similar projects simultaneously [10].

Core Viewpoint - Yunfeng Moganshan Ecological Home Furnishing Co., Ltd. has submitted an application for a mainboard listing, with its core products primarily relying on outsourced production, and its predecessor, Yunfeng New Materials, faced regulatory warnings due to violations during its IPO attempt [1][12]. Company Overview - Founded in 1995, Yunfeng Moganshan specializes in providing green artificial boards and customized home furnishing products and services, establishing "Moganshan" as a nationally recognized brand in China [4]. - According to Zhaoshang Consulting, the company is the third-largest green artificial board service provider in China and among the top fifteen green customized home furnishing providers based on projected revenue for 2024 [4]. Financial Performance - The company's revenue for the years 2023, 2024, and the first three quarters of 2025 were approximately RMB 3.39 billion, RMB 3.46 billion, and RMB 2.52 billion, respectively, with profits of RMB 320 million, RMB 320 million, and RMB 279 million during the same periods [6][8]. - The cost of sales for the same periods was approximately RMB 2.64 billion, RMB 2.68 billion, and RMB 1.99 billion, resulting in gross profits of RMB 754 million, RMB 775 million, and RMB 558 million [8]. Production and Supply Chain - The main products, artificial boards and flooring, are primarily produced through partnerships with outsourced manufacturers, with OEM outsourcing costs accounting for approximately 76.0%, 75.6%, and 72.3% of the cost of sales during the reporting periods [9][10]. - The company has set strict quality standards for outsourced production, but it cannot ensure compliance due to limited operational control over manufacturers [9][10]. Revenue Sources - Revenue from distributors accounted for 90.3%, 85.6%, and 76.0% of total revenue during the reporting periods, indicating a significant reliance on distributor relationships for business growth [11]. Historical Context - The company was established as a holding company for Yunfeng New Materials Group after a restructuring process that did not change the economic substance of ownership and operations [13]. - Yunfeng New Materials previously withdrew its IPO application in April 2025 due to regulatory scrutiny over violations during the application process [14]. Financial Liabilities - As of December 31, 2023, and December 31, 2024, the company recorded net current liabilities of RMB 2.12 billion, with trade and other receivables amounting to RMB 1.32 billion, RMB 1.05 billion, and RMB 2.61 billion during the reporting periods [15][17].

本次冲击上市，拓普泰克拟募集资金约3.14亿元，扣除发行费用后的净额拟投资于智能控制器扩产项 目、研发中心建设项目。 据了解，拓普泰克主要从事智能控制器及智能产品的研发、生产和销售，产品广泛应用于消费电子、电 动工具、工业自动化、汽车电子和新能源等领域。公司IPO于2024年12月30日获得受理，2025年1月23 日进入问询阶段。 北京商报讯（记者 王蔓蕾）根据安排，深圳市拓普泰克技术股份有限公司（以下简称"拓普泰克"）北 交所IPO将于1月23日上会迎考。 ...

Core Viewpoint - The Beijing Stock Exchange has scheduled a meeting on January 23, 2026, to review the IPO application of Shenzhen Toptech Technology Co., Ltd. (Toptech) [1] Company Overview - Toptech was established in August 2007 and focuses on the research, production, and sales of smart controllers and smart products, which are widely used in consumer electronics, power tools, industrial automation, automotive electronics, and new energy sectors [4] - The company has established long-term stable partnerships with well-known domestic and international enterprises such as TBEA, Zongheng Electromechanical, Goldwind Technology, and Dover [4] - The shareholding structure of Toptech is highly concentrated, with Huaxin Holdings owning 82.11% of the shares, making it the controlling shareholder [4] IPO Fundraising - Toptech plans to raise 359 million yuan for expansion projects and research center construction [4] - The amount allocated for the research center has been significantly reduced from 82.78 million yuan to 37.09 million yuan, a decrease of 55%, leading to a revised total fundraising target of 314 million yuan [4][6] Financial Performance - Toptech's revenue is projected to grow rapidly from 569 million yuan in 2022 to 1.035 billion yuan in 2024, nearly doubling [7] - The net profit attributable to the parent company is expected to increase from 62.49 million yuan in 2022 to 102 million yuan in 2024 [7] - As of June 30, 2025, the company reported total assets of approximately 936.59 million yuan and total equity of about 548.12 million yuan [8] Profitability Metrics - The gross profit margin has been declining, recorded at 25.07%, 24.02%, 23.14%, and 22.32% over the reporting periods [9] - The ratio of R&D expenses to revenue has also decreased, with figures of 3.69%, 2.83%, 2.78%, and 3.29% [9] Customer Concentration Risk - Toptech faces high customer concentration risk, with sales to the top five customers accounting for 57.95%, 61.11%, 67.19%, and 69.97% of total revenue in the respective periods [9] Accounts Receivable and Inventory Risks - The accounts receivable balance has increased from 154 million yuan to 301 million yuan, representing a growing proportion of current assets [10] - Inventory levels have also been high, with raw materials making up a significant portion of the inventory [10] Leasehold Risks - Toptech's production site in Shenzhen is leased and has not obtained property rights certificates due to historical reasons, posing risks related to lease renewal and potential government orders for demolition [11]

Group 1 - One small IPO and three SPACs were priced this week, indicating ongoing activity in the public markets [2] - Eight IPOs were filed, including five sizable ones, suggesting a robust pipeline for upcoming public offerings [2] - Green Circle Decarbonize Technology (GCDT), a China-based thermal energy storage material producer, successfully priced its US IPO [2]

Core Viewpoint - Tianpu Co., Ltd. has responded to the Shanghai Stock Exchange's inquiries regarding its governance structure, the impact of the independent IPO of Zhonghao Xinying, and the independence of its personnel, demonstrating a commitment to stable development and compliance in the capital market [1] Group 1: Management Transition - The actual controller of Tianpu Co., Ltd. has changed to Mr. Yang Gongyifan, with the core goal of ensuring stability in the governance structure and a smooth transition of control [2] - The new board includes Mr. Yang Gongyifan as chairman and a mix of independent directors with accounting and legal backgrounds, enhancing the governance team's professional structure [2] - The company has appointed Mr. Fan Jianhai as general manager, Mr. Chen Jiewen as deputy general manager and CFO, and Ms. Kang Xiao as board secretary, all of whom bring significant industry experience [2] Group 2: Business Stability - The personnel changes are aimed at "consolidating the fundamentals and enhancing governance," with no significant changes to the company's main business operations [3] - The company assures that its main business remains stable and that there are no major changes in the plans related to its core operations [3] Group 3: Zhonghao Xinying IPO - Tianpu Co., Ltd. confirms that Zhonghao Xinying's independent IPO plan remains unchanged, currently in the process of restructuring, with no plans for a backdoor listing in the next 36 months [4] - The departure of Ms. Kang Xiao and Mr. Chen Jiewen from Zhonghao Xinying is described as a normal career development move, and the core management team of Zhonghao Xinying remains stable [4] - The company has conducted a compliance review regarding the appointments of Kang Xiao and Chen Jiewen, confirming their complete separation from Zhonghao Xinying, ensuring no conflicts of interest [4] Group 4: Governance Monitoring - The company will closely monitor the progress of any investigations and assess their potential impact on the qualifications of directors and senior management [5] - If any disqualifying situations arise, the company will promptly initiate adjustment plans to maintain governance stability and fulfill disclosure obligations [5]

Core Viewpoint - Zhejiang Huasheng Radar Co., Ltd. has submitted its IPO application to the Sci-Tech Innovation Board, reporting a significant revenue increase of 382.82% year-on-year, successfully turning a profit after years of losses [1][3]. Group 1: Financial Performance - In 2022 and 2023, the company reported revenues of 30.43 million yuan and 73.22 million yuan, respectively, with net losses of -55.08 million yuan and -53.35 million yuan. In 2024, revenue surged to over 350 million yuan, with net profit exceeding 77 million yuan [3]. - The company's gross profit margins were 28.81%, 31.02%, 44.98%, and 44.81% over the reporting period, significantly lower than competitors, with a margin gap of over 19 percentage points [7][8]. Group 2: Market Dependency - The company's sales revenue from Zhejiang Province accounted for 77.20%, 43.15%, 63.93%, and 82.66% of its main business income from 2022 to the first half of 2025, indicating a high regional dependency [3][4]. - In the first half of 2025, 80.87% of the company's revenue came from a single client, Zhejiang Blue Weather Technology Co., Ltd., which is wholly owned by the Zhejiang Meteorological Service Center [4][6]. Group 3: Sales Strategy and Risks - The company has adopted aggressive sales strategies, including a trial radar model, which poses significant asset impairment risks. As of mid-2025, the book value of trial radars reached 93.33 million yuan [10][11]. - The trial model's risks include potential returns from clients if the equipment does not meet performance expectations, which could lead to substantial asset impairments [13]. Group 4: Internal Control Issues - The company has a long-standing issue with a 450,000 yuan loan to Shenzhen Sci-Tech Enterprise Service Center that has not been recovered for over five years, indicating potential internal control weaknesses [24][26]. - The high proportion of depreciation and amortization in sales expenses, reaching 48.17% in the first half of 2025, raises questions about the company's expense structure and asset management [21][23].