来源：直通IPO，文/韩文静 无数"钓鱼佬"的消费需求，成功捧出了一家上市公司的IPO。 2 月10日，乐欣户外国际有限公司（简称"乐欣户外"）登陆港交所，发行价为每股12.25港元，开盘涨96.08%至24.02港元，总市值30.79亿；截至发稿，每股 涨117.96%至26.7港元，总市值34.23亿。 本次募资，乐欣户外引入2家基石投资者，分别为地平线创投、德清县产投，认购合计约1.3亿港元，持股占全球发售股份的39.23%。 能够成功登陆资本市场，离不开乐欣户外多年来在钓鱼装备领域的深耕细作。乐欣户外的历史可以追溯至上个世纪90年代，当时创始人杨宝庆开始从事休闲 户外用品业务，主营设计、研发、生产以及销售钓鱼装备的全产业链业务。 经过数多年的积累，乐欣户外在全球钓鱼装备行业中已占据领先地位。弗若斯特沙利文数据显示，按2024年收入计算，乐欣户外在全球钓鱼装备行业中排名 第一，市场份额为23.1%。 值得关注的是，乐欣户外的上市之路并非一蹴而就。公司先后于2024年11月、2025年6月、2025年12月三次向港交所递交招股书，历经多轮筹备，最终成功 叩开资本市场大门。 招股书提到，公司的产品包括钓鱼椅 ...

Group 1 - Goldman Sachs strategists predict a strong rebound in the U.S. IPO market, driven by a stable economy, increased board confidence, and expected continued accommodative monetary policy [1][8] - The projected IPO fundraising amount for 2026 is approximately $160 billion, significantly higher than last year's $48 billion, excluding SPACs and other fundraising types [1][8] - The number of IPOs is expected to rise to 120 in 2026, nearly doubling from the previous year, indicating a return to normal levels rather than speculative market exuberance [2][8] Group 2 - Recent IPO activity has been mixed, with notable companies experiencing both significant gains and losses upon their market debut [2] - Key risks for the IPO market include potential market volatility, which could hinder the expansion of actual IPO sizes, as seen in recent global market fluctuations [2] - Major private companies like SpaceX and OpenAI are preparing for IPOs, with SpaceX potentially raising up to $50 billion and OpenAI's valuation expected to approach $1 trillion [5][6] Group 3 - The resurgence of IPO activity is crucial for the bullish trend in the U.S. stock market, as it reflects increased risk appetite and favorable financing conditions [8] - Historical data suggests that significant increases in IPO activity, especially from major companies, are often associated with strong returns in the S&P 500 index [4][8] - Other companies to watch for potential IPOs include Canva, Strava, and Databricks, indicating a broader wave of IPO activity anticipated in the coming years [7]

2026年2月11日，常州龙鑫智能装备股份有限公司（下称"龙鑫智能"）IPO申请将迎北交所上市委审议。 公司拟募资4.58亿元投向智能装备扩建及研发项目。在上会前夕，龙鑫智能陷入多重困境，净利润连续 两年下滑、核心高管借实控人资金入股、收入确认存在重大财务瑕疵，多项问题遭北交所问询。 光鲜营收背后，龙鑫智能经营疲态尽显，增收不增利问题突出。招股材料及最新审阅数据显示，2022年 至2024年，公司营收从3.36亿元增至6.04亿元，但净利润出现波动，分别为8,716.03万元、1.43亿元、1.2 亿元。2025年颓势进一步加剧，公司营收仅微增4.96%，净利润却逆势下滑1.42%，营收与净利润反向 背离持续扩大，盈利能力显著承压。 业绩承压的同时，龙鑫智能客户集中度常年居高不下，2022年至2025年上半年，公司对前五大客户销售 占比分别为48.68%、64.83%、66.95%、69.32%，呈逐年攀升态势。与此同时，龙鑫智能客户结构引发 关注。招股书显示，报告期内，公司前五客户频繁更换：2022年前五客户仅两家留存至2023年；2023年 五大核心客户2024年集体"消失"、全部跌出前五；2025年上半 ...

1、曲折IPO之路 嘉晨智能的IPO之旅堪称一波三折，在过去几年里跨越了多个资本市场板块。早在2022年6月，公司的科创板上市申请就获得了上海证券交易所的受理。 然而，在经历了一轮问询后，嘉晨智能于2023年5月主动撤回了申请。当时公司拟募集资金高达5.36亿元，用于新能源车辆智能驱动控制系统生产基地等多 个项目。 瞭望塔财经获悉，北京证券交易所上市委员会已定于2026年2月12日审议河南嘉晨智能控制股份有限公司的上市申请。如果顺利通过，这家河南的"小巨 人"企业将正式登陆资本市场。 短暂沉寂后，嘉晨智能迅速转换赛道。2024年1月，公司启动在北京证券交易所的上市辅导，并于2025年6月正式递交招股书。根据招股书，本次北交所IPO 拟募资2.60亿元，较2022年科创板招股书披露的5.36亿元募资额缩水近一半。 | 开始辅导 | 预披露 | 上会 | 发行 | 上市 | | --- | --- | --- | --- | --- | | O- | | 9 - 11 | | | | 2024.01.04 | 2025.06.19 | | | | | 保荐机构 | 中金公司 | 拟上市板块 | | | | 会计事 ...

Core Viewpoint - Tianhai Automotive Electronics Group Co., Ltd. is applying for an IPO, focusing on manufacturing automotive components such as wiring harnesses and connectors, serving both traditional and new energy vehicle markets [1][6] Financial Performance - In 2024, Tianhai Electronics is expected to achieve a revenue growth of 8.44%, but its net profit attributable to shareholders is projected to decline by 5.83%. However, a recovery is anticipated in 2025, with net profit for the first three quarters reaching approximately 5.37 billion, which is about 85% of the estimated annual net profit of 6.14 billion for 2024 [1][6] - The company's gross profit margin has shown a declining trend from 16.26% in 2022 to 14.43% in the first half of 2025, leading to a long-term net profit margin below 5% [1][6] Accounts Receivable and Financial Management - By the end of 2024, the company's net accounts receivable is projected to be 5 billion, which is over eight times the net profit for the same year, indicating a high risk if a major customer defaults on payments [2][7] - The financial management situation is precarious, characterized by high receivables and low profit margins, which poses a risk to the company's cash flow [2][7] Shareholder and Project Details - The largest shareholder of Tianhai Electronics is Guangzhou Industrial Investment Holding Group Co., Ltd., which emphasizes the company's importance in the automotive parts industry [8] - A significant project, the Anhui Tianhai Electronics Industrial Park, was launched with a total investment of 3.2 billion, expected to generate an annual output value of 3 billion once completed, and create 4,000 jobs [3][10] Discrepancies in Project Data - The IPO disclosure did not mention the 3.2 billion investment in the Anhui project, and there are notable discrepancies in the reported figures, such as the total assets of the subsidiary being only 363 million compared to the project investment [5][10] - The annual revenue of the subsidiary is around 1 billion, which is significantly lower than the projected output value of 3 billion for the completed project [5][10] - The reported employment figure of 4,000 jobs contrasts sharply with the actual number of social security contributors being less than 300, raising questions about the accuracy of the claims [5][10]

OpenAI正开展上市筹备的基础工作，估值最高可达1万亿美元，这家ChatGPT开发商计划最快于2026年 下半年向证券监管机构提交上市申请。此前，OpenAI首席财务官曾表示IPO并非公司此前的短期规划。 去年12月消息显示，Anthropic已聘请Wilson Sonsini律师事务所开展上市筹备工作，最早或于2026年登 陆资本市场。该公司发言人当时称，尚未确定上市具体时间及相关计划。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 市场对新股上市的需求攀升，叠加SpaceX等头部私营企业的发展势能，为2026年美国首次公开募股市 场注入增长动力，行业有望迎来爆发式增长。 高盛上周指出，若今年有头部企业登陆资本市场，2026年美国IPO总收益有望达到创纪录的1600亿美 元。市场参与者普遍看好今年超十亿美元规模的大型IPO项目，这一乐观预期得益于处于发展后期的私 营企业的充足储备。 不过行业仍存在潜在风险，近期软件股抛售行为或对该行业的IPO发行活动形成压制，而软件行业在当 前IPO积压项目中占比可观。 SpaceX正推进大型IPO计划，估值有望 ...

"我们原本不确定能否真的募满50亿美元，"戈德西表示，并补充称近几周市场认购热情极高。他提到， 风险资本市场往往需要数月时间，才能反映股票市场的重大变化。 本轮融资投资方包括高盛、GladeBrookCapital、摩根士丹利、纽伯格伯曼以及卡塔尔投资局等。摩根大 通牵头本次债务融资，目前Databricks手握数十亿美元现金。 "如果本轮市场调整尚未触底、还会继续下行，我们就继续保持私有公司状态，"戈德西说。 Databricks联合创始人兼 CEO阿里・戈德西 Databricks于周一宣布，以1340亿美元估值完成50亿美元股权融资，并新增20亿美元债务融资额度。 这家私营数据分析软件公司同时披露，截至1月季度的年化营收突破54亿美元，同比增长65%，且过去 一年实现正向自由现金流。 这样的业绩表现有望激发公开市场投资者的兴趣——近期高增长科技企业的新股发行数量并不多。 Databricks联合创始人兼CEO阿里・戈德西在接受采访时表示，公司已做好上市准备，"时机合适时"便 会启动IPO。 2026年有望成为科技IPO大年。据知情人士透露，高速增长的人工智能公司Anthropic、OpenAI也在考 虑 ...

Group 1 - The Baron Small Cap Fund experienced a decline of 1.56% in Q4 2025, underperforming the Russell 2000 Growth Index, which gained 1.22% during the same period [1] - For the entire year of 2025, the fund returned -0.66%, trailing the index by 13.67 percentage points, indicating weak performance both absolutely and relatively [1] - Large-cap growth stocks continued to lead the market for the third consecutive year, with concentrated leadership observed [1] Group 2 - Neptune Insurance Holdings Inc. (NYSE:NP) was highlighted as a new addition to the Baron Small Cap Fund's portfolio in Q4 2025, being a leading flood insurance provider [2] - As of February 6, 2026, Neptune Insurance Holdings Inc. had a stock price of $23.56 per share, with a one-month return of -9.42% and a 12-month decline of 19.20% [2] - Neptune Insurance Holdings Inc. has a market capitalization of $3.252 billion [2] Group 3 - The Baron Small Cap Fund added one new holding and increased positions in many existing holdings during Q4 2025, while also selling out of three names [3] - The market's factorization and short-term mentality led to significant price swings, with 11 stocks moving +/- 30% in the quarter, allowing the fund to capitalize on both buying and selling opportunities [3] - Throughout the year, the fund invested in 12 new ideas, with half being new to the public markets, reflecting a positive outlook on the return of IPOs as a source of successful investments [3]

近日深交所网站更新，冲刺创业板的成都超纯应用材料股份有限公司（以下简称"超纯股份"）IPO申请在受理半个月后，收到了首轮问询。 超纯股份自述"弥补了国内特殊涂层零部件的关键核心技术的缺失，发展成为了国内极少数5nm及以下制程半导体刻蚀设备核心零部件的供应商，在我国 半导体国产化推进过程中发挥着重要力量"，此次公司也是选择冲刺创业板。不过从公司研发投入及其占比、专利情况等来看，公司的"含科量"和"三创四 新"特征并不算明显。 报告期各期，超纯股份研发费用分别为581.95万元、956.06万元、1378.84万元和756.26万元，占当期营业收入比例分别为4.27%、5.66%、5.37%和3.67%。 不难发现，公司的研发占比常年只在5%左右，且绝对金额在2023年时仅有900多万元，2024年才刚刚迈过创业板定位中要求的"最近一年研发投入不低于 1000万元"红线。 | 创业板定位相关指标(一) | 是否符合 | 指标情况 | | --- | --- | --- | | 最近三年研发投入复合增长率 不低于 15%,最近一年研发投 | 团 是百否 | 2022 年度、2023 年度和 2024 年度,发行 人 ...

格隆汇新股 《黑神话：悟空》背后的云服务商冲击IPO，面临腾讯的竞争，来自合肥 原创 阅读全文 ...