2025.12.26 本文字数：2956，阅读时长大约5分钟 作者 |第一财经 周楠 封图 |AI生成 今年年中，李励有一次去香港工作的机会。当时，港股IPO市场持续火热，他所在的券商开展内部选 调，拟调配员工赴港做投行业务，并开出了可观的薪酬。但李励考虑一番后最终没有报名，原因 是："我是看生物医药这块的，当时科创板第五套标准重启，手头有一些项目正在推进。" 而一些身处香港的投行人，今年"忙到飞起"。罗恩供职于某华尔街大行，他说，从今年的电话会、客户 需求反馈都能明显感觉到，海外投资者对中国市场的兴趣回暖，一些港股IPO项目里，海外主权基金更 是争抢基石份额。 投行人的直观感受，映射出2025年IPO市场的变化。这一年里，A股股权融资市场回暖、港股IPO持续火 热，包括投行在内的中介机构感受到了业务暖意。 安永大中华区上市服务主管合伙人何兆烽告诉第一财经，今年以来，伴随IPO市场动态发展，中介机构 获得了新的业务增长动力。"内地企业赴港上市意愿持续增强，中介机构从其现有的A股客户群中，拓 展出一定程度的业务增量。"他说。 Wind和交易所数据显示，截至12月25日，年内A股市场迎来111只新股，IPO募资总 ...

2025.12. 26 本文字数：2956，阅读时长大约5分钟 作者 | 第一财经 周楠 封图 | AI生成 今年年中，李励有一次去香港工作的机会。当时，港股IPO市场持续火热，他所在的券商开展内部选 调，拟调配员工赴港做投行业务，并开出了可观的薪酬。但李励考虑一番后最终没有报名，原因 是："我是看生物医药这块的，当时科创板第五套标准重启，手头有一些项目正在推进。" 投行人的直观感受，映射出2025年IPO市场的变化。这一年里，A股股权融资市场回暖、港股IPO持 续火热，包括投行在内的中介机构感受到了业务暖意。 安永大中华区上市服务主管合伙人何兆烽告诉第一财经，今年以来，伴随IPO市场动态发展，中介机 构获得了新的业务增长动力。"内地企业赴港上市意愿持续增强，中介机构从其现有的A股客户群 中，拓展出一定程度的业务增量。"他说。 Wind和交易所数据显示，截至12月25日，年内A股市场迎来111只新股，IPO募资总额约1253亿 元，三大交易所年内合计受理IPO新增申请224单，以上数据较2024年全年均实现同比增长。港股 IPO市场持续火热，以上市日期统计，年初至今，港股IPO数量111家、募资净额约2437 ...

Core Viewpoint - The IPO application of Guangdong Jiuan Intelligent Technology Co., Ltd. has been accepted by the Shenzhen Stock Exchange, indicating a significant step towards public listing and capital raising for the company [1] Financial Performance - The company reported projected revenues of 484 million yuan, 645 million yuan, and 780 million yuan for the years 2022, 2023, and 2024 respectively, showing a revenue growth of 20.89% in 2024 [1] - Net profits are expected to be 34.31 million yuan, 85.95 million yuan, and 102 million yuan for the same years, with a year-on-year increase of 18.87% in 2024 [1] Key Financial Metrics - Revenue for 2024 is projected at 779.69 million yuan, up from 644.98 million yuan in 2023 and 483.81 million yuan in 2022 [1] - Net profit attributable to shareholders for 2024 is expected to be 102.17 million yuan, compared to 85.95 million yuan in 2023 and 34.31 million yuan in 2022 [1] - Basic earnings per share are projected to be 2.11 yuan in 2024, an increase from 1.75 yuan in 2023 and 0.69 yuan in 2022 [1] - The weighted average return on equity is expected to be 30.15% in 2024, down from 35.99% in 2023 but up from 18.40% in 2022 [1] - The net cash flow from operating activities is projected to be 35.53 million yuan in 2024, a decrease from 57.09 million yuan in 2023 but an increase from 38.18 million yuan in 2022 [1]

Core Viewpoint - Jiangsu Zhanchip Semiconductor Technology Co., Ltd. is planning to go public on the Shenzhen Stock Exchange's ChiNext board, aiming to expand its product range and enhance market competitiveness through the use of raised funds for the construction of smart testing and R&D centers [1][4]. Group 1: Company Overview - Jiangsu Zhanchip was established in 2018 and focuses on the R&D, design, testing, and sales of high-reliability analog chips and micro-modules, primarily power management chips [2]. - The actual controllers of the company, Wen Zhenlin and Xu Ligang, hold a combined 54.77% voting rights through various entities [2]. Group 2: Financial Performance - The company's revenue has shown overall growth, with figures of 367 million yuan, 466 million yuan, 413 million yuan, and 340 million yuan from 2022 to the first half of 2025, reflecting an annualized growth rate of 22.87% [5]. - Net profit figures for the same period are 148 million yuan, 179 million yuan, 95 million yuan, and 124 million yuan, indicating volatility due to temporary market adjustments [5]. Group 3: Revenue Structure and Pricing Pressure - Integrated circuit products account for a significant portion of revenue, exceeding 58% from 2022 to 2024, with approximately 187 million yuan in revenue from integrated circuits in the first half of 2025, representing 55.1% of total revenue [5]. - The average price of integrated circuit products has been declining, with prices of 370.77 yuan, 316.17 yuan, 287.99 yuan, and 289.78 yuan per unit from 2022 to the first half of 2025, which may adversely affect future operating performance if the trend continues [6]. Group 4: Accounts Receivable and Collection Risks - As the company's operational scale expands, accounts receivable and notes receivable have also increased, with values of 238.84 million yuan, 339.73 million yuan, 436.29 million yuan, and 673.21 million yuan from the end of 2022 to June 2025 [7]. - The collection period is prolonged due to factors such as budget approvals and payment processes from clients, primarily military research institutes, which may lead to increased risks of bad debts if clients face significant operational difficulties [7].

Core Viewpoint - Chuangda New Materials Co., Ltd. (referred to as "Chuangda New Materials") is preparing for an IPO on the Beijing Stock Exchange, aiming to raise 300 million yuan for semiconductor packaging material expansion, R&D center construction, and working capital supplementation. The company has increasingly relied on intermediaries for customer acquisition since 2023, raising concerns from the exchange regarding its dependency on this model and related transactions [2][3][4]. Group 1: Business Model and Financial Performance - Chuangda New Materials specializes in the R&D, production, and sales of high-performance thermosetting composite materials, with products including epoxy molding compounds and liquid epoxy packaging materials, widely used in semiconductor and automotive electronics [3]. - The company reported revenues of 311 million yuan, 345 million yuan, 419 million yuan, and 211 million yuan for the years 2022 to 2025 (first half), with net profits of 22.73 million yuan, 51.47 million yuan, 61.22 million yuan, and 33.18 million yuan, indicating stable growth in both revenue and profit [3][4]. - From 2023 to the first half of 2025, revenue generated through intermediaries accounted for 6.60%, 10.37%, and 12.95% of total revenue, showing a year-on-year increase and highlighting the importance of this model for recent revenue growth [6][4]. Group 2: Intermediary Cooperation Model - Since 2023, Chuangda New Materials has engaged intermediaries to enhance market reach and sales efficiency, paying service fees of approximately 4% to 5% of sales amounts to these intermediaries [4][6]. - The sales amounts facilitated by intermediaries for 2023, 2024, and the first half of 2025 were 22.77 million yuan, 43.46 million yuan, and 27.38 million yuan, with corresponding service fees of 1.05 million yuan, 2.06 million yuan, and 1.27 million yuan [4][5]. - A significant client, Everlight Electronics (China) Co., Ltd., was acquired through intermediary services, with sales amounts of 19.38 million yuan, 34.97 million yuan, and 21.76 million yuan for the respective periods, making it one of the company's top clients [6][7]. Group 3: Concerns and Regulatory Scrutiny - The Beijing Stock Exchange has raised questions regarding the necessity of continuing to pay service fees to intermediaries after securing client recognition, as well as the sustainability of future collaborations initiated through intermediaries [7][8]. - Chuangda New Materials has stated that it continues to pay these fees due to the intermediaries' role in facilitating transactions and the expectation of future client introductions, despite no new contracts being signed with other clients by the intermediary as of the latest response [7][8]. - The company has also faced scrutiny regarding its relationship with its former wholly-owned subsidiary, Wuxi Shaohui Trading Co., Ltd., which has become a major supplier, raising questions about the nature of their transactions and potential conflicts of interest [8][9].

Core Insights - The year 2025 has been characterized by a surge in valuations of global unicorns, with significant re-evaluations expected for companies like ByteDance and SpaceX [2][18] - Major unicorns are preparing for IPOs, with expectations that 2026 will see a wave of listings, driven by companies like SpaceX and OpenAI [18][20] Unicorn Valuations - ByteDance's valuation is anticipated to rise from approximately $400 billion to $500 billion due to rumors of a TikTok restructuring in the U.S. [2] - SpaceX's valuation could potentially double from $400 billion to $800 billion as it aims for an IPO in 2026 [2] - OpenAI is expected to see its valuation soar to $830 billion from $157 billion, driven by significant capital expenditure commitments [2] Financing Trends - The global unicorn financing scale has significantly increased, with mergers and IPOs becoming the primary exit channels for early investors [3][4] - In 2025, unicorn mergers totaled approximately $67 billion, a notable increase compared to previous years [6] - The number of unicorn IPOs reached 40 in 2025, with total valuations amounting to $207 billion, marking the highest since 2021 [8] Market Dynamics - The U.S. stock exchanges, particularly NYSE and NASDAQ, continue to attract global tech giants for IPOs due to their investor base and regulatory environment [10] - Notable IPOs in 2025 included CoreWeave raising $1.5 billion and Klarna raising approximately $1.372 billion [10] Regional Insights - The Hong Kong market has regained vitality, attracting tech companies due to improved listing regulations [12] - Chinese A-shares have seen significant unicorn listings, particularly in AI and high-tech sectors, supported by domestic supply chains [13] AI Sector Dominance - AI remains a dominant theme in private financing, with nearly half of the global unicorn funding in 2025 directed towards AI, a 75% increase from 2024 [14] - Major AI companies like OpenAI and Anthropic accounted for 14% of global venture capital investments in 2025 [15] Future Outlook - The IPO market in 2026 is expected to be vibrant, driven by the anticipated listings of major unicorns, which could lead to record-breaking fundraising [18][20] - Key markets like Hong Kong and the U.S. are poised to be primary destinations for these listings, supported by favorable policies and market conditions [19]

Group 1: Major Upcoming IPOs - Reliance Jio is expected to debut in 2026 with a valuation between Rs 11 lakh crore and Rs 12 lakh crore, potentially becoming the largest IPO in India [2][11] - The National Stock Exchange of India (NSE) is preparing for its IPO after setting aside Rs 1,300 crore to resolve regulatory issues, awaiting a no-objection certificate from Sebi [3][11] - Flipkart aims for a 2026 listing with a valuation target of $60 billion to $70 billion, positioning itself as a major tech IPO in India [4][11] Group 2: Fintech and Other Sectors - PhonePe has filed confidential draft papers for a $1.5 billion IPO, targeting a valuation of $15 billion, marking a significant moment for the digital payments sector [5][11] - OYO is planning an IPO to raise up to $800 million, focusing on business stability and profitability after previous delays [6][11] - SBI Mutual Fund is considering an IPO of up to $1.2 billion in the first half of 2026, reflecting growth in the mutual fund industry [7][11] Group 3: Additional Companies Preparing for IPOs - Hero Fincorp plans an IPO of Rs 3,668.13 crore, including a fresh issue of Rs 2,100 crore, amid concerns over unsecured lending [8][11] - Navi Technologies is targeting a public listing in the second half of FY26, focusing on personal loans, home loans, and insurance [9][12] - Zepto aims to raise between $450 million and $500 million (approximately Rs 4,000 crore to Rs 4,440 crore) through its IPO, as competition in the quick-commerce sector intensifies [10][12] - Consumer electronics brand boAt is preparing for a listing, targeting a fundraise of $300 million to $500 million at a valuation exceeding $1.5 billion [11][12]

Group 1 - The global IPO market is showing signs of recovery in 2026, with an increase in listing projects across multiple exchanges, particularly in AI, hard technology, energy, and advanced manufacturing [1][2] - The types of companies successfully advancing to IPOs are concentrated in a few industries characterized by high capital density, long investment cycles, and strong policy connections, while many light-asset and narrative-driven companies remain outside the listing doors [2][4] - The pricing logic for IPOs is shifting from a focus on growth potential to an emphasis on strategic necessity, cash flow verifiability, and long-term capital sustainability due to high interest rates and geopolitical factors [3][12] Group 2 - IPOs are transitioning from a "market reward mechanism" to a strategic asset selection and pricing mechanism, with significant premiums for companies in AI infrastructure, aerospace, and defense in the U.S. market, reflecting early pricing for "future critical infrastructure" [4][23] - In China, IPOs are increasingly associated with industrial upgrades and technological self-sufficiency, indicating a shift in the role of IPOs from mere market sentiment to fulfilling institutional functions [4][24] - The 2026 IPO landscape is characterized by a highly differentiated and selective return, where capital is not becoming more lenient but rather more concentrated and cautious [4][17] Group 3 - The evolution of IPO functions indicates a systemic shift, where the core function of IPOs is changing from being a primary channel for financing and investment exit to a mechanism for public pricing and confirmation of strategic assets [6][7] - The emergence of "strategic IPOs" is defined by companies that occupy critical nodes in the industrial chain, have capital-intensive operations, and are closely tied to national long-term development goals [13][15] - The current IPO logic excludes "story-driven IPOs," raising the threshold for entry into the public market, as companies relying on user scale or single application scenarios struggle to gain market recognition [15][41] Group 4 - The 2026 IPO market is not a uniform recovery but rather a simultaneous pricing of three distinct capital narratives across different markets: the U.S. focuses on "future infrastructure," China on "industrial upgrades and security," and emerging markets on "population dividends and digital penetration" [26][31] - The U.S. market is prioritizing companies that do not depend on short-term demand fluctuations but are embedded in national or global systems, with a focus on long-term cash flow predictability [22][23] - In contrast, the Chinese market emphasizes the strategic position of companies within the industrial chain, where IPOs serve as a mechanism for capitalizing on industrial capabilities rather than merely reflecting market sentiment [24][54] Group 5 - The 2026 IPO landscape indicates a preference for infrastructure and system node-type companies, with capital prioritizing "position" and "irreplaceability" over growth speed [48][49] - The IPO process is becoming a tool for risk transfer and asset confirmation, where companies with unclear business models are increasingly left in the private market [48][72] - The changes in the IPO market are expected to enhance the "signal-to-noise ratio" in capital markets, indicating that the cost of failure in IPOs is rising, and listing no longer guarantees a "safe zone" [72][73]

Core Viewpoint - The IPO process of Beijing Weitongli Electric Co., Ltd. is under scrutiny due to various operational concerns, including significant related-party transactions, multiple administrative penalties, and discrepancies between operating cash flow and net profit, raising uncertainties about the company's financial health and growth sustainability [2][21]. Financial Performance - Weitongli has shown a trend of increasing revenue and net profit over the past three years, with revenues of 1.437 billion, 1.699 billion, and 2.390 billion yuan from 2022 to 2024, and net profits of 114 million, 187 million, and 271 million yuan respectively [5]. - In the first half of 2025, the company achieved revenue of 1.410 billion yuan and a net profit of 139 million yuan, which is 51.3% of the total net profit for 2024 [5]. Cash Flow and Profit Quality - There is a persistent divergence between operating cash flow and net profit, with operating cash flow net amounts of 60.06 million, 163 million, and 103 million yuan from 2022 to 2024, consistently lower than net profits [7]. - In the first half of 2025, operating cash flow turned negative at -43.37 million yuan, contrasting sharply with the net profit of 139 million yuan [7]. - The company's cash collection efficiency, indicated by the "cash collection ratio," has been declining, with values of 0.84, 0.79, and 0.70 from 2022 to 2024, suggesting that less cash is being collected relative to revenue [9]. Administrative Penalties and Related Transactions - Weitongli has faced seven administrative penalties over two and a half years, covering various regulatory areas, raising concerns about its internal control systems [16]. - The company has engaged in significant related-party transactions, with a total of 128 million yuan in procurement from entities controlled by its chairman, Huang Haoyun, from 2022 to the first half of 2025 [16][17]. Production Expansion and Market Demand - The company plans to raise 1.594 billion yuan through its IPO to fund three major production base projects and a research center, aiming to enhance production capacity in response to growing market demand in sectors like electric power and new energy vehicles [18]. - However, there are concerns about the ability to absorb the increased production capacity, especially if market demand does not meet expectations [18]. Research and Development Investment - R&D investment has been declining, with the ratio of R&D expenses to revenue falling from 4.83% in 2022 to 3.27% in the first half of 2025, which is below the industry standard of 5% [19]. Overall Assessment - The upcoming IPO on December 30 is critical for Weitongli, as it must demonstrate sustainable growth, effective cash flow management, and compliance with regulatory standards to gain approval [21].

Core Viewpoint - Fujida, a domestic bicycle manufacturer, has initiated its IPO process on the Shanghai Stock Exchange, aiming to raise 773 million yuan [1]. Group 1: Company Overview - Fujida specializes in the research, design, production, and sales of bicycles, electric bicycles, and shared bicycles, with products exported to nearly 100 countries and regions worldwide [4]. - The company has an annual production capacity of approximately 7 million units as of June 2025, with manufacturing bases in Tianjin, Jiangsu, Vietnam, and Cambodia [4]. - Fujida serves well-known global brands such as Specialized, Decathlon, and Panasonic, as well as domestic shared bicycle operators like Hello and Meituan [4]. Group 2: Market Position and Performance - According to the China Bicycle Association, Fujida ranks among the top three in sales revenue within the mainland bicycle industry from 2022 to 2024 [5]. - The company is one of the few in the industry certified by CNAS, possessing comprehensive testing capabilities for bicycles and key components [5]. - Fujida's revenue figures for 2022 to the first half of 2025 are 4.371 billion yuan, 3.621 billion yuan, 4.88 billion yuan, and 2.592 billion yuan, respectively, with net profits of 348 million yuan, 285 million yuan, 408 million yuan, and 195 million yuan, indicating strong operational performance [5]. Group 3: IPO Fund Utilization - The IPO proceeds of 773 million yuan will be allocated to projects including the intelligent manufacturing of electric bicycles and high-end bicycles, the establishment of a research and development center, and the development of branding and marketing networks [6]. - The intelligent manufacturing project aims to enhance production capacity and optimize operational management [6]. - The R&D center will improve the company's research capabilities, while the branding project will enhance the marketing system and brand image [6].