终止层面，2025年9月有7家企业终止A股IPO进程，终止数量连续三个月维持在个位数。2025年1-9月份，A股IPO企业终止数量合计91家，较2024年前三季度 的数据（350家）同比下降74%。 发行及募资层面，2025年9月新上市的A股IPO企业有11家，合计募资116.9亿元。2025年1-9月，A股合计有78家新股发行，合计募资773.02亿元，IPO上市企 业及募资总额较2024年前三季度同比分别增长13.04%、61.49%。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：IPO再融资组/郑权 2025年9月，共有12家拟IPO企业上会审核，过会11家，名义过会率为91.67%。2025年1-9月份，A股IPO企业上会数量为61家，过会数量为58家，名义过会率 为95.08%，较2024年1-9月份的85.37%（数据来自wind）上升近10个百分点。 上会审核情况：优迅股份遭暂缓审议 股份支付会计处理存疑 9月，共有12家拟IPO企业上会审核，过会11家，名义过会率为91.67%。其中厦门优迅芯片股份有限公司（下称"优迅股份"）遭 ...

从IPO地区分布来看，前三季度江苏省有20家企业上市，位居榜首；广东省、浙江省分别有14家、13家 企业上市，位居二、三名。从各大城市排名来看，前三季度苏州市有7家企业上市，位居第一；上海市 有5家企业上市，位居第二；深圳市、杭州市均有4家企业上市，并列第三。 从IPO行业分布来看，今年前三季度，A股IPO公司主要来自电力设备、汽车、电子、机械设备、轻工制 造、基础化工、有色金属、医药生物等行业，新兴产业类IPO公司占比九成。 【深圳商报讯】（记者 钟国斌）今年前三季度，A股IPO数量和融资额呈现回暖态势，IPO融资额已超 过去年全年。据数据统计，按上市日计算，前三季度A股市场新增IPO企业78家，较去年同期增加9家； IPO合计募资规模达773亿元，已超去年全年的674亿元，同比增长61.49%。其中，创业板IPO企业29 家，沪市主板IPO企业17家，深市主板IPO企业9家，科创板IPO企业8家，北交所IPO企业15家。 从各板块IPO融资额看，今年前三季度，沪市主板融资额达372.84亿元，位居各板块之首；创业板融资 额达205.60亿元，位居第二名；科创板融资额为81.17亿元，位居第三名。此外，深市 ...

Core Viewpoint - Tianjin Bank reported a slight increase in revenue and net profit for the first half of 2025, but faced challenges in various business segments, including a significant decline in fee income and investment returns [1][8]. Financial Performance - For the first half of 2025, Tianjin Bank achieved operating income of 8.828 billion RMB, a year-on-year increase of 0.82% [1][2]. - The net profit attributable to shareholders was 1.988 billion RMB, reflecting a growth of 1.11% compared to the previous year [1][2]. - The bank's total assets reached 965.67 billion RMB, marking a 4.3% increase from the end of the previous year [2][8]. - The total liabilities amounted to 895.76 billion RMB, up 4.6% year-on-year [2]. Asset Quality - As of June 30, 2025, the non-performing loan (NPL) ratio remained stable at 1.70%, unchanged from the end of the previous year [3][5]. - The provision coverage ratio improved to 171.29%, an increase of 2.08 percentage points from the previous year [3][5]. Income Breakdown - Interest income for the first half of 2025 was 15.143 billion RMB, down 5.1% from the previous year [4]. - Net interest income decreased by 1.8% to 5.923 billion RMB [4]. - Investment income fell to 1.267 billion RMB, a decline of 15.5% year-on-year, primarily due to a strategic shift in investment structure [3][4]. Business Challenges - The bank's intermediary business income saw a significant drop, with net fee and commission income decreasing by 26.9% [8]. - The individual loan business experienced a notable contraction, leading to the largest decline among listed city commercial banks [8]. - Despite efforts to enhance collaboration through investments, the expected synergistic effects have yet to materialize [8].

Core Insights - The report highlights the performance of Jiangsu's A-share IPO market in August 2025, indicating a total of 17 new A-share companies in the first eight months, ranking first among all provinces in China [19] - Despite leading in the number of new listings, Jiangsu ranks fourth in total fundraising amount, with a total of 21.86 billion yuan raised in the first eight months [19][7] - The newly listed companies are primarily concentrated in strategic emerging industries such as semiconductors, biomedicine, and new materials, reflecting an ongoing optimization and upgrading of the industrial structure in Jiangsu [19] IPO Quantity and Fundraising - In August 2025, Jiangsu added three new A-share companies: Tianfulong from Yangzhou, Youli Intelligent from Suzhou, and Hansang Technology from Nanjing [19] - The total fundraising amount for A-share IPOs in August reached 40.93 billion yuan, with Jiangsu's contributions being 9.44 billion yuan from Tianfulong, 3.09 billion yuan from Youli Intelligent, and 9.32 billion yuan from Hansang Technology [19][15] - In the first eight months, Suzhou led the province with six new A-share companies, followed by Wuxi, Changzhou, and Yangzhou with two each, and other cities like Nantong, Nanjing, Huai'an, Zhenjiang, and Taizhou each contributing one [19][14] Regional Performance - Suzhou also topped the province in total fundraising, accumulating 21.46 billion yuan in the first eight months [19] - The report indicates a strong performance in the A-share market for Jiangsu, showcasing the province's vibrant corporate activity and its attractiveness to investors [19]

今年以来伴随着二级市场的企稳回升，IPO新股发行数量与融资规模也呈现一定回升，不少企业开始筹谋上市规划，尽管IPO出现回暖迹象，但监管审核 力度仍在持续提升，在IPO开展前，企业仍需结合自身行业属性、企业规模、财务状况、技术优势等因素审慎评估上市可能性，选择适合自身的IPO板 块，并提前启动合规整改。 一、各板块定位 | | 各板块定位 | | --- | --- | | 主板 | 突出"大蓝筹股"特色，重点支持业务模式成熟、经营业绩稳定、规模较大、具有行业代表性的优质企业（体量足够大、利润足够高、 | | | 行业龙头) 服务于符合国家战略、突破关键核心技术、主要依靠核心技术展开生产经营、商业模式稳定、市场认可度高的科技创新企业，重点支 | | 科创板 | 持新一代信息技术、高端装备、新材料、新能源、等高新技术产业和战略性新兴产业（硬科技、填补国家空白、国产替代、重大突破 | | 创业板 | 服务成长型创新创业企业,支持传统产业与新技术、新产业、新业态、新模式深度融合,创业板的行业定位也被概括为"三创四新" | | | (利润和科技含量,介于主板和科创板之间) -- HEADING CONSULTING- ...

Group 1 - The core viewpoint of the article highlights the mixed performance of the A-share market under the leadership of Yi Huiman at the China Securities Regulatory Commission (CSRC), with the Shanghai Composite Index rising from 2497 points to 3351 points, reflecting a cumulative increase of 8.76% over five years [1][3] - During Yi's tenure, nearly 2000 new companies were listed, averaging almost one new listing per day, indicating a significant transformation of the A-share market into a "global IPO marketplace" due to the implementation of the registration system reform [1] - The article presents contrasting opinions on Yi's performance, with some praising him as a "reformist" for the successful launch of the Sci-Tech Innovation Board and the Beijing Stock Exchange, while others criticize him for focusing on financing without substantial market returns, as evidenced by the sluggish index performance [3] Group 2 - Following Yi's departure, the A-share market experienced a "slow bull market," with the Shanghai Composite Index reaching 4000 points in 2025, raising questions about the impact of leadership changes on market dynamics [3] - The article invites readers to evaluate Yi's five-year performance, weighing the index's modest growth against the influx of new listings, prompting a discussion on whether to commend him for stabilizing the market or to question the sustainability of this growth [3]

Core Insights - The A-share IPO market has shown signs of recovery in the first eight months of this year, with the number of IPOs and the total financing amount increasing significantly compared to the same period last year [1][3]. Group 1: IPO Quantity and Financing - A total of 67 new IPOs were recorded in the A-share market from January to August, an increase of 8 compared to the same period last year [1]. - The total amount raised through IPOs reached 656.13 billion yuan, representing a year-on-year growth of 55.30% [1]. - The financing amounts from different boards include 342.33 billion yuan from the Shanghai main board, 148.87 billion yuan from the ChiNext, and 81.17 billion yuan from the Sci-Tech Innovation Board [2]. Group 2: Industry Distribution - The majority of IPOs in the first eight months came from industries such as new energy, electronics, automotive, and power equipment, with emerging industries accounting for 90% of the total [1]. - The top three industries in terms of fundraising were new energy (181.71 billion yuan), electronics (114.65 billion yuan), and automotive (112.88 billion yuan) [1]. Group 3: Regional Distribution - Jiangsu province led with 17 new listings, followed by Guangdong with 13 and Zhejiang with 12 [1]. - Suzhou city had the highest number of IPOs at 6, while Shenzhen and Hangzhou each had 4 [1]. Group 4: Notable IPOs - 40 companies raised over 500 million yuan through their IPOs, with 21 raising over 700 million yuan and 11 exceeding 1 billion yuan [2]. - The top three IPOs by fundraising were Huadian New Energy (181.71 billion yuan), Zhongce Rubber (40.66 billion yuan), and Tianyouwei (37.40 billion yuan) [2][3]. Group 5: North Exchange Trends - The North Exchange saw a significant increase in both the number of IPOs (12) and the total financing amount (39.98 billion yuan) [4]. - Many companies that initially aimed for the Shanghai and Shenzhen exchanges are now opting for the North Exchange, indicating a preference for greater listing certainty [4][6]. - The quality of projects being reviewed at the North Exchange has improved, with many companies meeting or exceeding the profit thresholds required for the ChiNext and main boards [4][5].

Core Viewpoint - The A-share IPO market is experiencing a significant recovery, with a notable increase in the number of IPOs and a shift towards higher quality listings since the implementation of the "827 new policy" by the China Securities Regulatory Commission [2][3]. Summary by Category IPO Trends - As of August 27, 2025, a total of 179 A-share IPOs have been accepted, a substantial increase of 459.4% compared to the same period last year, which had only 32 accepted IPOs [3][4]. - The number of new listed companies in A-shares reached 66, reflecting a year-on-year growth of 15.8% from 57 companies in the same period last year [3]. Withdrawal and Quality of Listings - The number of withdrawn IPO applications has significantly decreased, with only 84 withdrawals in 2025 compared to 330 in 2024, indicating a marked improvement in the quality of companies currently under review [3][4]. Market Structure - The main board has seen a faster listing pace, with 23 new companies listed in 2025, a 35.3% increase from 17 in 2024, surpassing the overall growth rate of new listings [4]. - The Beijing Stock Exchange (北交所) has emerged as a preferred venue for listings, with 115 accepted IPOs, accounting for over 60% of total IPOs, significantly higher than the 30 accepted in 2024 [4]. Performance Metrics - The number of IPOs that experienced a first-day drop has decreased sharply, with 45 in 2023, only 1 in 2024, and none in 2025, indicating improved market conditions [5]. - The weighted first-day return for IPOs in 2025 was 169.7%, a 56% increase from 108.9% in 2024 and 4.6 times higher than the 36.9% in 2023, showcasing a strong improvement in IPO performance quality [5].

Core Viewpoint - Beijing Plant Doctor Cosmetics Co., Ltd. (referred to as "Plant Doctor") is facing significant challenges in its IPO process, including prolonged guidance periods, management issues, and controversies surrounding its marketing practices, which have raised concerns about its future competitiveness and growth prospects [4][5][9]. Group 1: IPO Process and Market Concerns - The IPO guidance period for Plant Doctor has been extended by 19 months, with the company expected to be accepted by the Shenzhen Stock Exchange by the end of June 2025 [5]. - Issues such as "franchisee violations, false advertising, and supply chain management loopholes" have been cited as primary reasons for the delayed IPO process [5][6]. - The founder's involvement in Shanghai Jahwa's top shareholders list has sparked speculation about potential competition within the industry [4]. Group 2: Marketing and Brand Image Issues - Plant Doctor has faced backlash due to its "pseudo-national gift" controversy, where it falsely claimed its products were given to foreign dignitaries without official authorization [5][6]. - The brand has been penalized for false advertising, including a fine of 5,000 yuan for misleading claims about its products [6]. - Quality control issues have also emerged, with products like the "Purple Ganoderma Multi-Effect Cleansing Milk" found to have bacterial counts exceeding standards by 21 times [6]. Group 3: Franchise Management Challenges - Over 70% of Plant Doctor's stores are franchises, but management issues have led to a significant trust crisis and market challenges [7]. - The company has received 16 administrative penalties related to various compliance issues, including false advertising and lack of health permits [7][8]. - Inconsistent service quality across franchise stores has negatively impacted consumer experience and brand perception [7][8]. Group 4: Financial Performance and Dividend Concerns - Despite stagnant revenue growth, Plant Doctor distributed a total of 180 million yuan in dividends in 2024, raising questions about the rationality of its capital allocation [9][10]. - The company's revenue figures from 2022 to 2024 show minimal growth, with 21.17 billion yuan, 21.50 billion yuan, and 21.55 billion yuan, reflecting growth rates of 1.6% and 0.22% [9]. - The high dividend payout ratio of 41.5% of net profit in 2024 is significantly higher than industry peers, leading to skepticism about the company's focus on long-term development [10]. Group 5: Strategic Recommendations - To address market concerns, Plant Doctor needs to balance shareholder interests with long-term development, ensuring rational capital use and enhancing R&D capabilities [11]. - Improving product quality and brand image is essential for regaining consumer trust and competitiveness in the market [11].

Core Viewpoint - The IPO market has shown signs of recovery in 2023, with the number of IPO applications reaching 2.3 times the total for 2024, while maintaining a strict regulatory environment [2][3] Summary by Sections IPO Market Overview - As of August 26, 2023, the number of IPO applications in the three major exchanges has reached 2.3 times the total for 2024, with 66 companies successfully listed and a total fundraising amount of 65.268 billion yuan [2] - The implementation of the "827 policy" has led to a significant reduction in the number of companies waiting for IPO approval, alleviating the "IPO backlog" and creating space for new applications [3] Regulatory Impact - The "827 policy" has been described as a structural reform for the capital market, aimed at improving the quality of listed companies by limiting the number of new listings while promoting mergers and acquisitions of existing companies [3][4] - The policy has resulted in a decrease in the total fundraising amount from IPOs, with figures dropping from 586.993 billion yuan in 2022 to 356.539 billion yuan in 2023, and further down to 67.352 billion yuan in 2024 [4] Market Dynamics - The policy has strengthened the regulatory framework, enhancing market order and investor protection, which has positively impacted the overall ecosystem of the A-share market [5] - The market is expected to continue its current pace, with a focus on supporting high-tech and quality production enterprises in the coming year [5] Future Outlook - The capital market is anticipated to maintain a structure where fewer new high-quality enterprises are listed, while existing companies undergo mergers and restructuring to improve quality [6] - The A-share IPO market is projected to align with a "slow bull" market trend, with a gradual recovery and moderate increase in issuance [6] - The industrial, technology, and new materials sectors have dominated IPO numbers and fundraising amounts, accounting for 86% and 89% of the total in the first half of the year, respectively [6] - Future IPOs are expected to focus on sectors such as semiconductors, artificial intelligence, and renewable energy, reflecting the capital market's support for industrial upgrades [6]