作者丨申俊涵 编辑丨林坤 2025年12月30日，英矽智能、林清轩、卧安机器人等六家公司港股敲钟，以及强一股份、誉帆科技、双欣环保这三家公司登陆A股，共同为年末的IPO市 场画上精彩一笔。 上述IPO公司背后，大多有创投机构的陪伴和支持。比如，AI驱动生物科技公司英矽智能此次IPO募集资金总额22.77亿港元，成为2025年以来募集资金最 高的港股生物医药IPO。华平投资自2021年投资该公司以来，在多轮融资中持续注资，已成为英矽智能最大单一股东。 多元退出路径形成 2025年，A股IPO正不断回暖。影石创新、摩尔线程、沐曦股份等代表性项目登陆科创板，为投资机构带来丰厚回报。 2025年12月5日，国产GPU企业摩尔线程登陆科创板，首日股价暴涨425%，收盘价定格在600.5元/股，总市值突破2800亿元。公司成长背后，是红杉中 国、深创投、国盛资本、腾讯创业投资、和而泰等超80家早期股东的投资支持。 尤其值得注意的是，在摩尔线程成立3个月时，沛县乾曜兴科技合伙企业（有限合伙）便参与其首轮融资，以1000万元的投前估值，向摩尔线程投资了190 万元。以首日收盘价测算，这笔早期布局的投资回报超5000倍。 沐曦 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant price increase in the next 6-12 months [5]. Core Views - The company reported a revenue of 917 million RMB and a net profit of 294 million RMB for the first three quarters of 2025, representing year-on-year increases of 23.21% and 20.03% respectively. The non-recurring net profit reached 326 million RMB, up 46.89% year-on-year [2]. - The company is benefiting from a recovery in IPO activities, accelerated delivery of GLP-1 raw material orders, and improved market sentiment, which are expected to drive steady growth in performance [5]. - The investment income for Q3 was 64 million RMB, a year-on-year increase of 77.78%, and the cumulative investment income reached 116 million RMB, a significant improvement from the previous year's loss [3]. Summary by Sections Performance Review - For Q3 2025, the company achieved revenues of 288 million RMB and a net profit of 165 million RMB, with year-on-year increases of 9.91% and 25.74% respectively [2]. - The return on equity (ROE) for the first three quarters was 3.85%, an increase of 0.54 percentage points year-on-year [2]. Operational Analysis - The revenue growth in Q3 was attributed to the management fee income from the pharmaceutical, building materials, and private equity sectors, although there was a decline compared to the previous quarter due to reduced management fees from private equity exits [3]. - The company has successfully advanced several key projects, with multiple investments achieving public listings and others entering the exit phase [3]. Financial Forecast and Valuation - The company is projected to achieve a net profit of 650 million RMB for the full year of 2025, representing a 112% year-on-year growth, with a price-to-earnings (P/E) ratio of 23 times [5]. - The report anticipates that the performance of the equity investment segment will continue to release earnings elasticity as market sentiment improves [3].

Core Viewpoint - The IPO market for Chinese companies is showing signs of recovery in the first half of 2025, with an increase in the number of IPOs and the average return on investment for VC/PE-backed companies [3][23]. VC/PE Institutions IPO Performance - In the first half of 2025, there were 73 IPOs supported by VC/PE for Chinese companies, involving 346 institutions, marking a year-on-year increase of 35.2% [5][13]. - The total market value of shares held by VC/PE institutions in newly listed companies reached approximately 105.88 billion yuan, a year-on-year increase of 65.6% [5][13]. - 15 VC/PE institutions held shares worth over 30 billion yuan as of June 30, 2025, totaling more than 825.58 billion yuan [5]. IPO Quantity and Financing - The total financing amount for VC/PE-supported IPOs in the first half of 2025 was approximately 56.54 billion yuan, representing a year-on-year increase of 51.7% [13]. - The penetration rate of VC/PE in the Chinese IPO market reached 67.0%, with A-shares showing a penetration rate of 82.4%, an increase of 7.4 percentage points from the previous year [17]. Average Return on Investment - The average return multiple for VC/PE-backed IPOs in the first half of 2025 was 3.74 times, with A-shares averaging 3.41 times and overseas markets averaging 4.07 times [20]. - The average return on A-shares has shown a greater increase compared to overseas markets [20]. Market Outlook - The IPO market is expected to continue its recovery, with signs of increased issuance pace and support for high-quality, unprofitable tech companies [23]. - Despite the positive signals, the number of IPOs is not expected to return to the peak levels seen in 2021 in the short to medium term [23].