2025年，IPO市场在持续强调支持科技创新，以及科创板、创业板皆启动未盈利企业上市标准的背景下 些许转暖。三月，沪深北三大交易所受理及上会审核工作全线启动；六月及十二月，新受理企业数量集 中增长。上会审核环节，北交所及主板上会企业数量占比提升。 2025年，三大交易所合计113家IPO企业上会，其中北交所上会企业数量占比达46%，其次为主板 （26%）、科创板（16%）、创业板12%。 过会率方面，二次上会企业以当年最终审核结果计算，111家获审核通过，2家北交所企业被暂缓审议， 整体过会率为98.23%。细分板块来看，除北交所为96.15%外，其余板块2025年IPO过会率皆为100%。 但在市场转暖，鼓励性政策频出，消费类企业IPO进程取得突破的同时，审核端并未放宽。随着募资新 规实施，监管对募投项目合理性、必要性及产能消化方面的关注度也持续提高。且在证监会持续强调打 击财务造假的背景下，各板块IPO企业的财务真实性、业绩稳定性等在上会阶段的出现频次仍保持高 位。而科创板、创业板在启动未盈利企业上市标准的同时，从审核问题来看，监管对相关企业的盈利预 测等前瞻性信息也予以了颇多关注。 本篇中，汉鼎咨询手动 ...

Group 1 - The core viewpoint emphasizes the necessity for IPO companies to enhance the breadth and depth of inquiry during the IPO process to present a more transparent image to the market [1][3] - The inquiry process is crucial in the IPO journey, as the initial application documents often fail to reveal the complete picture of a company, necessitating deeper scrutiny by regulatory bodies [1][2] - Historical trends show that many companies withdraw their IPO applications either voluntarily or due to issues uncovered during inquiries, highlighting the evolving nature of the IPO review process [2][3] Group 2 - The IPO review process has evolved from a binary outcome (approval or rejection) to a more nuanced approach that includes conditional approvals, reflecting advancements in market practices [2] - Current inquiries focus on the authenticity of financial data, sustainability of performance, and feasibility of fundraising projects, indicating a shift in regulatory priorities [2] - To achieve greater transparency, inquiries should expand beyond traditional areas to include aspects like debt solutions, inventory risks, and core technology, ensuring a comprehensive evaluation of potential issues [3]