站在2026年的起点回望，2025年的A股IPO市场无疑是一个极具历史性的"分水岭"。 在经历了短暂的沉寂后，资本市场的融资功能迎来了强劲修复。 Wind数据显示，2025年A股IPO融资额达到1317.71亿元，同比增长超9成。 随之而来的还有发行定价的理性回归：昔日狂热的超募潮退去，取而代之的是全面注册制下首个"零破 发"纪录的诞生。 截至2026年1月5日收盘，2025年上市的116家公司均未出现破发。 剧变发生在投行江湖中。 这一年，随着国泰君安与海通证券的世纪合并，"航母级"新军国泰海通的横空出世一度让作为"投行一 哥"的中信证券屏息。 不过中信证券仍凭借218.88亿元的IPO承销额成功守擂，稳居行业第一，国泰海通则以次席紧随其后。 展望2026年，A股即将迎接半导体、新能源、具身智能、商业航天等一系列重磅IPO，市场各方将迎来 更多机会。 百亿大单在途 2025年A股IPO市场的核心关键词是包容性，主要体现在对优质项目的融资额和未盈利的接纳度方面。 市场涌现了多个大型项目。2025年A股IPO融资额排名前14的项目撑起了IPO市场的半壁江山。 这当中还出现了2年来的首单百亿项目，2025年7月上 ...

Group 1 - The recent surge in IPO applications in the Shanghai, Shenzhen, and Beijing stock exchanges is noted, with 29 companies receiving acceptance from December 25 to December 29, including 9 from the Beijing Stock Exchange and 9 from the ChiNext [1] - Among the accepted IPOs, several companies that previously failed to go public, such as Gaokai Technology, are making another attempt, with Gaokai aiming to raise approximately 1.5 billion yuan for semiconductor equipment development [1] - Two banks, Dongguan Bank and Nanhai Rural Commercial Bank, have resumed their IPO processes after being halted due to outdated financial documents, with Dongguan Bank having submitted its IPO application over 17 years ago [2] Group 2 - The current batch of accepted IPOs includes unprofitable companies, such as Xinnowei, which has accumulated losses of 1.65 billion yuan over the past three and a half years and plans to raise 2.94 billion yuan [2] - The increase in IPO applications at the end of the year is attributed to the financial report updates, as companies aim to submit their applications before the six-month validity period of their financial statements expires [3] - Looking ahead to 2026, the A-share market is expected to see steady growth in both the number of issuances and financing amounts, particularly for companies in priority development sectors such as AI, new energy, and high-end manufacturing [3]

文：韦亚军 0的突破，还是DeepSeek供应商。 一个硬科技样本。 近日，深交所上市委公告信息显示，深圳大普微电子股份有限公司（简称：大普微）首发事项获审议通过，成为创业板历史上第一家尚未盈利即过会的企 业。 据PE星球了解，大普微采用了创业板第二套上市标准。 "0的突破" 采用创业板第二套上市标准 招股书（注册稿）显示，本次IPO，大普微拟公开发行不超过4362.16万股，募集资金18.78亿元。 所募资金将投向三大项目：1、下一代主控芯片及企业级SSD 研发与产业化（9.58亿元，占比51%）；2、企业级SSD 模组量产测试基地（2.20亿元，占比 12%）；3、补充流动资金（7.00亿元，占比37%）。 大普微采用了创业板第二套上市标准——"预计市值不低于50亿元，且最近一年营业收入不低于5亿元"，同时设置了"特别表决权"架构：控股股东大普海 德所持股份表决权与普通股比例为10:1，使其实际控制人杨亚飞在发行前控制了66.7%的表决权。 已开始对DeepSeek批量出货 资料显示，大普微成立于2016年，主要从事数据中心企业级SSD产品的研发和销售业务，是业内领先、国内极少数具备企业级SSD"主控芯片 ...

岁末将至，IPO受理持续提速。在12月22日—24日这3天内，沪深交易所密集受理了博迈医疗、思仪科 技、富士达等7家企业的IPO申请。而伴随上述7宗IPO项目获受理，经同花顺iFinD统计，截至12月24 日，三大交易所月内受理IPO数量已达到19宗，其中15宗均由沪深交易所受理，占比近八成。值得一提 的是，在新获受理的IPO企业中，硬科技力量突出，包括粤芯半导体、国仪量子在内的4家企业均系亏 损申报上市。IPO存量持续扩容的同时，今年年内，A股新股市场也在同频加速。从2025年全年来看， A股市场预计将迎来114只新股上市，相较去年同比增长14%。 拟上市板块方面，月内沪深交易所新获受理的15家IPO企业中，拟冲击创业板上市数量居首，共8家； 科创板次之，为5家；主板则有2家新受理企业。 从拟募资规模来看，上述15宗IPO中，粤芯半导体拟募资金额居首，公司本次拟募资金额约75亿元。据 了解，粤芯半导体是一家致力于为境内外芯片设计企业提供12英寸晶圆代工服务和特色工艺解决方案的 集成电路制造企业，公司创业板IPO于12月19日获得深交所受理。 除粤芯半导体之外，本次冲击上市拟募资金额超过10亿元的企业还有信诺 ...

经梳理，12月22日—24日，共有博迈医疗、思仪科技、富士达、汉诺医疗、托伦斯、信诺维、千分一等7家公司IPO申请获得受理，其中上交所、深交所受 理数量分别为3家、4家；北交所在这3天内则未出现新获受理企业。 而从12月月内来看，北交所新受理的IPO项目同样相对较少。经同花顺iFinD统计，12月1日—24日，沪深北交易所合计受理IPO项目19宗，其中上交所、深 交所分别受理7宗、8宗，北交所月内则仅受理了4宗IPO申请。这也与今年年内，北交所受理IPO项目数量占比过半的情况出现明显反差。 岁末将至，IPO受理持续提速。在12月22日—24日这3天内，沪深交易所密集受理了博迈医疗、思仪科技、富士达等7家企业的IPO申请。而伴随上述7宗IPO 项目获受理，经同花顺iFinD统计，截至12月24日，三大交易所月内受理IPO数量已达到19宗，其中15宗均由沪深交易所受理，占比近八成。值得一提的是， 在新获受理的IPO企业中，硬科技力量突出，包括粤芯半导体、国仪量子在内的4家企业均系亏损申报上市。IPO存量持续扩容的同时，今年年内，A股新股 市场也在同频加速。从2025年全年来看，A股市场预计将迎来114只新股上市， ...

继大普微之后，粤芯半导体是创业板第二家未盈利IPO企业，该公司选择的是创业板上市标准三：预计 市值不低于50亿元，且最近一年营业收入不低于3亿元。招股书显示：该公司最近一次外部股权融资对 应的投后估值为253亿元。 招股书显示：粤芯半导体是一家为芯片设计企业提供12英寸晶圆代工服务和特色工艺解决方案的集成电 路制造企业，下游产品广泛应用于消费电子、工业控制、汽车电子和人工智能等领域。该公司目前拥有 两座12英寸晶圆厂，分别为第一工厂和第二工厂，规划产能合计为8万片/月。未来，该公司还将新增建 设一条规划产能为4万片/月的12英寸集成电路数模混合特色工艺生产线，即第三工厂，建成后，规划产 能合计将达到12万片/月。 报告期内，粤芯半导体股权结构较为分散，公司持股 5%以上的股东包括誉芯众诚、广东半导体基金、 广州华盈、科学城集团、国投创业基金，持股比例分别为16.88%、11.29%、9.51%、8.82%和7.05%，因 此，该公司不存在控股股东和实际控制人。 本次募集资金主要投向12英寸集成电路模拟特色工艺生产线项目（三期项目）、特色工艺技术平台研发 项目和补充流动资金等。 就在创业板首家未盈利IPO深圳大 ...

【大河财立方 记者 陈玉尧】继大普微电子"首单"之后，又一家未盈利企业通过创业板第三套上市标 准，申请A股上市。 12月19日，粤芯半导体技术股份有限公司（以下简称"粤芯半导体"）的创业板IPO申请获深交所受理。 粤芯半导体目前拥有两座12英寸晶圆厂，规划产能合计为8万片/月。未来，将新增建设一条规划产能为 4万片/月的12英寸集成电路数模混合特色工艺生产线。建成后规划产能合计将达到12万片/月。 今年12月10日，粤芯半导体完成A股上市辅导。辅导机构广发证券认为，粤芯半导体已具备成为上市公 司应有的公司治理结构、会计基础工作、内部控制制度。 本次A股IPO，粤芯半导体拟募资75亿元，用于12英寸集成电路模拟特色工艺生产线项目（三期项 目）、特色工艺技术平台研发项目及补充流动资金。 值得注意的是，粤芯半导体目前尚未实现盈利。2022年、2023年、2024年、2025年上半年，该公司分别 亏损10.43亿元、19.17亿元、22.53亿元、12.01亿元，累计亏损达64.14亿元。 粤芯半导体选择的上市标准为《深圳证券交易所创业板股票上市规则（2025年修订）》2.1.2条 之"（三）预计市值不低于50亿元， ...

Group 1: Market Trends - In October 2025, 11 new stocks were issued in the A-share market, raising a total of 15.3 billion yuan, a 29% increase month-on-month[10] - The average first-day closing price increase for new stocks in the Shanghai and Shenzhen markets was 235%, up 28.2 percentage points from the previous month[28] - The average first-day increase for three unprofitable new stocks was 162%[28] Group 2: Pricing and Allocation Mechanism - The average first-day price-earnings (PE) ratio for new stocks was 25 times, reaching a monthly peak for the year, but still at a 34% discount compared to comparable companies[13] - The A1 allocation tier saw an average winning rate of 0.073%, a 76% increase compared to previous periods, while the A2 tier's winning rate dropped to 0.026%, a 38% decrease[19] - The new stock pricing and allocation mechanism is being optimized to encourage long-term holding, with higher allocation ratios for investors committing to longer lock-up periods[6] Group 3: Growth in Specific Sectors - The first batch of new stocks in the Sci-Tech Innovation Board's growth tier raised a total of 8.8 billion yuan in October 2025[10] - The inquiry results showed that the first three growth tier new stocks attracted an average of 6,691 product participants, an increase of 8.6% compared to June[19] - The total number of IPO projects in the A-share market reached 114, with a total proposed fundraising amount of 207.8 billion yuan as of the end of October 2025[54] Group 4: Risks and Challenges - Risks include potential changes in the pace of new stock issuance reviews, fluctuations in investor participation, and the quality and quantity of submitted projects[57] - There is a need to monitor the structural adjustments in industries and the risk of unprofitable companies facing share price declines[57]

Core Viewpoint - The listing of three unprofitable companies on the Sci-Tech Innovation Board marks a significant step in providing a platform for high-quality unprofitable tech enterprises, enhancing their predictability in going public [1] Group 1: Listing and Market Response - Three unprofitable companies, Wuhan Heyuan Biotechnology Co., Ltd., Xi'an Yiswei Material Technology Co., Ltd., and Guangzhou Bibete Pharmaceutical Co., Ltd., have officially listed on the Sci-Tech Innovation Board, increasing the total number of companies on the board to 592 [1] - The Shanghai Stock Exchange's revised rules in March allow unprofitable companies to adopt differentiated lock-up periods, encouraging institutional investors to play a larger role in new stock pricing [2] - The enthusiasm of institutional investors is reflected in the high subscription rates for the differentiated lock-up tiers, with A1 and A2 tiers accounting for over 70% of the total subscription volume for Heyuan Biotechnology [2][3] Group 2: Company Perspectives - Xi'an Yiswei's chairman emphasized that the initial losses are part of a necessary process for technological breakthroughs and that the listing is a milestone for the company, enabling it to enhance its core competitiveness [4] - Heyuan Biotechnology's chairman stated that the listing on the Sci-Tech Innovation Board is crucial for accelerating the company's industrialization process and improving its competitive capabilities [5] Group 3: Capital Market Dynamics - The establishment of the Sci-Tech Innovation Board's growth tier is expected to attract more patient capital into the technology sector, enhancing the confidence of tech companies and stimulating investment enthusiasm in the venture capital industry [6] - The new policies are set to inject vitality into the index system, providing a solid foundation for developing targeted indices focused on unprofitable high-R&D enterprises [6] - The improved market structure and transparency are anticipated to create a better investment environment for long-term and patient capital, promoting a virtuous cycle between technology, industry, and capital [6]

Core Viewpoint - The "1+6" reform policy announced by the CSRC aims to enhance the inclusiveness and adaptability of the Sci-Tech Innovation Board, particularly through the establishment of the Sci-Tech Growth Layer, which allows unprofitable companies to list on the A-share market [1][3][10] Group 1: Policy Implementation - The first batch of new registered companies in the Sci-Tech Growth Layer includes Xian Yicai, Heyuan Bio, and Bibet, marking a significant step in opening the door for unprofitable companies to list [1] - The CSRC has accelerated the review process for unprofitable companies, with five new IPO applications accepted since June 18, including companies like Moer Thread and Muxi [1][6] - The establishment of a pre-review mechanism for IPOs has been introduced, facilitating the process for companies to meet the necessary requirements [2][5] Group 2: Market Response - As of September 17, 4.75 million investors have opened trading permissions for the Sci-Tech Growth Layer, indicating strong market interest [2] - The total fundraising amount for the existing 32 companies in the growth layer has reached 105.197 billion yuan, which supports their R&D and capacity building [8] - The overall market capitalization of these growth layer companies is approximately 1.09 trillion yuan, with 19 companies exceeding 10 billion yuan in market value [8] Group 3: Company Performance - Despite being unprofitable, companies in the growth layer are showing signs of reduced losses, with 19 companies expected to reduce losses year-on-year in 2024 [8] - The reform is designed to support technology-driven companies that are in different stages of development, allowing them to access public capital markets earlier [9][10] - The focus remains on ensuring that companies meet high standards, particularly in technology, to qualify for listing, thus maintaining a balance between quantity and quality of listings [9][10]