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].

Core Viewpoint - The A-share IPO market has experienced a significant surge in new applications, with 41 companies accepted for IPO on June 30, marking the highest single-day acceptance this year [2][4]. Summary by Sections IPO Acceptance Trends - A total of 150 IPO applications were accepted in June, accounting for 85% of the total for the year, and surpassing the total number accepted in 2024 [2][4]. - The number of accepted IPOs in June 2025 increased by 456% compared to June 2024, which only saw 27 applications [4]. Exchange Distribution - Over 60% of the 150 companies accepted in June came from the Beijing Stock Exchange, with 97 companies, while the Shanghai Stock Exchange accepted 25 and the Shenzhen Stock Exchange accepted 28 [5][6]. - The trend of high acceptance rates at the Beijing Stock Exchange has been consistent throughout the first half of the year, indicating a preference for this exchange among small and medium-sized enterprises [5][6]. Policy Support for Innovation - Regulatory bodies have increased support for technology innovation companies, with new standards introduced for unprofitable companies to list on the Sci-Tech Innovation Board and the Growth Enterprise Market [8][9]. - Notable unprofitable companies like Zhaoxin Integrated, Shanghai Super Silicon, and Dapu Micro have recently had their IPO applications accepted, reflecting the new policy dynamics [8][9].