Core Viewpoint - The article discusses the significant changes in the IPO underwriting fee structure in the Chinese market following the implementation of new regulations in February 2025, which have led to a decline in the traditional tiered fee model and a shift towards more flexible pricing strategies [2][3]. Fee Structure Changes - The proportion of IPO cases using the tiered fee model based on fundraising amounts has drastically decreased from approximately 38% in 2023 to 6% in 2025, with most cases now adopting a "decreasing fee rate" standard [2][3]. - The mixed fee model, which combines a fixed rate with minimum or maximum fee clauses, has become the mainstream approach, accounting for 49% of cases [2][6]. Specific Fee Models - The traditional model of "actual fundraising × fixed rate" was used by 26 IPO companies, representing 33% of the market, with underwriting fees typically ranging from 5% to 9% [6]. - A significant number of companies (38) adopted the "fixed rate with limit conditions" model, which includes "minimum fees" or "maximum fees," marking an increase from 25% in 2023 [7]. - Examples of minimum fee structures include a case where the underwriting fee is calculated as "fundraising amount × 7.5%, with a minimum of 9.85 million yuan" [7]. Market Trends - The average underwriting fee for the Sci-Tech Innovation Board reached 122 million yuan in 2025, a notable increase from the previous average of approximately 95.8 million yuan [8]. - Conversely, the average underwriting fees for the main board and the ChiNext board have decreased, with the main board averaging 65.3 million yuan and the ChiNext board dropping over 30% to 46.6 million yuan [8][9]. Concentration of Revenue - The IPO underwriting market continues to exhibit a "head effect," with only 13 securities firms earning over 100 million yuan in underwriting fees in 2025 [10][11]. - CITIC Securities led the market with underwriting fees of 1.097 billion yuan, followed by other major firms like CICC and Guotai Junan, indicating a concentration of high-quality projects among top firms [11][12].