Core Viewpoint - The IPO acceptance in the first half of the year has officially concluded, with a significant increase in the number of applications, indicating a cautious recovery in the market [1][2]. Group 1: IPO Acceptance Trends - In June, a total of 150 IPO applications were accepted across three exchanges, marking a fivefold increase compared to the same month last year, where only 30 applications were accepted [2][4]. - The acceptance numbers reflect a cautious recovery rather than a flood of applications, with June's figures accounting for 60% of the total applications accepted in the same month of the previous year [2]. - The North Exchange has become the preferred choice for investment banks, accepting 97 IPO applications in June, which is over a 200% increase from the same month last year [6][8]. Group 2: Financial Performance of IPO Candidates - The average net profit of newly accepted IPO candidates on the North Exchange reached 0.91 billion yuan for the latest fiscal year [3][12]. - Notably, the company Qiaoluming, accepted on June 26, reported a projected net profit of 4.11 billion yuan for 2024, surpassing many main board companies [13]. - Among the new IPO candidates, four companies reported net profits exceeding 2 billion yuan, while eight companies had net profits below 50 million yuan, indicating a mix of strong and growth-oriented candidates [14]. Group 3: Support for Unprofitable Enterprises - The recent policy changes have led to an increase in the acceptance of unprofitable enterprises, particularly in the Sci-Tech Innovation Board, where 5 out of 18 accepted companies were unprofitable [15][16]. - Companies like Moer Thread and Muxi Co., both part of the domestic GPU sector, reported significant projected losses for 2024, highlighting the trend of accepting unprofitable tech firms [17]. - The ChiNext board also saw its first unprofitable IPO project, Dapu Micro, which has specific listing criteria aimed at supporting innovative companies [19][20]. Group 4: Main Board Developments - In June, the main board accepted 16 IPO applications, with the Shenzhen main board showing stronger profitability among its new candidates, averaging a net profit of 5.75 billion yuan [23][24]. - The largest profit reported on the Shenzhen main board was from Huike Co., with projected revenues and profits indicating significant growth potential [24]. - The Shanghai main board had a lower average net profit of 2.63 billion yuan among its new candidates, with Zhejiang Zhenstone New Materials Co. reporting a projected net profit of 600 million yuan for 2024 [25].