2025年度圆满收官。回顾今年以来IPO市场，2025年，A股IPO市场交出了一份亮眼的成绩单，今年A股新股延续了"零破发"的态势，赚钱效应明 显，打新收益创三年新高。本系列将从多个角度对2025年A股IPO进行数据盘点。 根据Wind数据统计，年内A股共有116家企业成功上市，同比增长16%，新股受理及发行持续实现常态化；合计募集资金1317.71亿元，同比增长 95.64%；平均募集额11.36亿元，同比增长68.66%。 年内共受理278家，上会124家，过会107家，撤回99家，终止7家，过会率为95.7%，真实过会率为45.3%（真实过会率=本期开会且已通过家数/（本 期状态更新为通过+未通过+暂缓表决+待表决家数+终止/撤回的家数）） 截至2025年12月31日，仍有333家企业处于IPO排队状态。按审核状态，已受理68家，已问询178家，已审核通过15家，暂缓表决2家，报送证监会29 家，证监会注册13家，中止审查28家。 此外，截至发稿时，N新广益涨上市首日涨超300%，N蘅东光上市首日涨超980%。 新股上市首日成交往往集中在开盘时段，如果以中签者在新股上市首日开盘价卖出计算，"大肉签"新股 ...

Core Viewpoint - The establishment of China's first modern industrial cleaning technology major aims to address the long-standing talent shortage in the industrial cleaning industry through collaboration among associations, universities, and enterprises [2][5]. Group 1: Industry Collaboration - The China Industrial Cleaning Association, Huainan University, and several enterprises have signed cooperation agreements to jointly develop the new major and compile seven textbooks covering various aspects of industrial cleaning [2][3]. - The collaboration has expanded from 2 initial enterprises to 7, indicating strong industry support for the new major [3]. Group 2: Educational Structure - The new major will implement a "dual-teacher" training model, encouraging university faculty to gain practical experience in member enterprises and inviting industry engineers to teach [3]. - Students will receive both a university diploma and an industry skills certificate upon graduation, enhancing their employability [3]. Group 3: Employment Prospects - The demand for talent in the industrial cleaning sector significantly exceeds the number of students enrolled in the first cohort, reflecting optimistic employment prospects [3][4]. - Companies involved in the program are committed to providing subsidies, training bases, and internship opportunities for the first batch of students [4]. Group 4: Industry Development - The establishment of this major marks a shift towards systematic, standardized, and professional training in the industrial cleaning sector, moving away from reliance on informal training methods [5]. - The collaboration model of "association + school + enterprise" breaks traditional educational barriers, ensuring that talent development aligns closely with industry needs [5].

Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The North Exchange 50 index experienced a significant decline of 12.32% in November 2025, with the index closing at 1,387.70 points [31] - The total number of listed companies on the North Exchange reached 285, with a total market capitalization of 827.155 billion and a circulating market value of 507.712 billion, reflecting a decrease of 10.2% and 11.2% respectively [11][18] - The report highlights that all sectors within the North Exchange experienced declines, with the most significant drops in household appliances, transportation, communication, automotive, and non-ferrous metals [35] Market Overview - The trading volume for November was 16.987 billion shares, with a total transaction value of 376.778 billion, marking a month-on-month increase of 9.9% in volume and 3.1% in value [18][21] - The average daily margin balance for the North Exchange in November was 7.789 billion, showing a month-on-month increase of 2.35% [22] Valuation Metrics - As of November 28, the North Exchange 50 index had a price-to-earnings ratio (PE-TTM) of 43.07, placing it at the 67.98th percentile over the past two years, while the price-to-book ratio (PB-MRQ) was 8.89, at the 75.21st percentile [24][27] - The dividend yield was reported at 0.78, corresponding to the 26.56th percentile over the same period [24] Industry Performance - The report indicates that the North Exchange's specialized and innovative index fell by 13.44% in November, with other major indices also experiencing declines, including the Sci-Tech 50 down 6.24% and the ChiNext index down 4.23% [31] - The report notes that the North Exchange's new listings included five companies: Danna Biological, Zhongcheng Consulting, Beikang Testing, Dapeng Industrial, and Nante Technology [11][3] Policy and Events - In November 2025, the Beijing Stock Exchange introduced a series of policies aimed at enhancing market vitality and solidifying institutional foundations, achieving progress in information disclosure, institutional behavior, new stock performance, and ongoing supervision [4]

Investment Rating - The investment rating for the company is "actively participate" in the new share subscription [27] Core Viewpoints - The company is a leading manufacturer of industrial precision cleaning equipment, recognized as a "little giant" in the industry, and is expanding into machine vision detection to create a new growth curve [5][6] - The company has established long-term partnerships with major automotive manufacturers, ensuring a stable customer base [6][7] - The revenue for 2024 is projected to be 265 million yuan, with a three-year CAGR of +3.44%, and a net profit of approximately 43.49 million yuan, with a three-year CAGR of +3.13% [7] Summary by Sections 1. Industrial Precision Cleaning Equipment and Machine Vision Detection - The company specializes in industrial precision cleaning equipment, achieving international leading standards in cleanliness, production pace, and intelligence [5] - The subsidiary, Huanai Vision, is a partner of Tencent Cloud and has developed advanced AI vision detection technologies recognized by industry associations [6] 2. Issuance Plan - The new share issuance is priced at 9 yuan per share, with an initial scale of 15 million shares, accounting for 24.4% of the total post-issue shares [12][15] - The expected total fundraising is 135 million yuan, with a post-issue market capitalization of 553 million yuan [12] 3. Industry Situation - The industrial cleaning equipment market in China was valued at 37.169 billion yuan in 2019, growing at 8.13% year-on-year [16] - The machine vision market is rapidly expanding, with a projected market size exceeding 45 billion yuan by 2025 [19] 4. Competitive Advantages - The company has strong R&D capabilities, a well-established brand, and a solid customer base, particularly in the automotive sector [20][21] - The management team has extensive industry experience, contributing to the company's operational efficiency and project management [21] 5. Comparable Companies - The company operates in a niche market with a relatively small scale compared to larger competitors, but maintains a higher gross margin [23][24] 6. Subscription Analysis Opinion - The company is well-positioned to benefit from the automotive industry's recovery and the growing demand for machine vision detection products, making it an attractive investment opportunity [27]

Core Viewpoint - The industrial cleaning industry in China is undergoing a transformation towards green and intelligent solutions, which are essential for future development [1][2][4] Group 1: Industry Trends - Green and intelligent services are becoming crucial for the industrial cleaning sector, reshaping its future [1] - The forum showcased various intelligent industrial cleaning devices, highlighting advancements in AI and automation [1] - High-pressure water jet cleaning is evolving from manual operations to automated and intelligent systems, necessitating upgrades in pump technology [2] Group 2: Technological Innovations - The underwater intelligent industrial cleaning robot developed by Qingdao Senkete Intelligent Instrument Co., Ltd. can automatically identify cleaning objects and generate inspection reports [1] - The LXZD-100 intelligent water quality monitoring and management system enables precise dosing and dynamic control of cleaning agents [2] - The development of environmentally friendly cleaning agents, such as modified alcohols, is gaining traction to replace harmful substances like trichloroethylene [3] Group 3: Regulatory Developments - The Chinese cleaning industry aims to eliminate hydrochlorofluorocarbons (HCFCs) by 2026, with significant progress already made in phasing out HCFC-141b [4] - The industry has successfully eliminated a total of 2,327.798 tons of HCFC-141b, with ongoing projects to complete the phase-out [4]

Group 1 - The China Industrial Cleaning Association held its third member representative conference in Zhengzhou, completing the leadership transition [1] - Huang Wenyuan was elected as the chairman, with Wang Hu, Chen Yiqiang, Yang Lin, Fan Min, and 11 others elected as vice chairmen, and Du Bin as the secretary general [1] - The conference reviewed the work report of the second council and emphasized the need for the new council to strengthen the association's internal development and lead industry growth [4] Group 2 - The newly elected chairman Huang Wenyuan stated that the third council will continue to serve the country, society, and industry, aiming to elevate the association's work to new heights [4] - The conference also held the first executive council meeting and the first council meeting, approving development goals and key work for the third council [4] - Two group standards were released, including safety specifications for high-pressure water jet cleaning operations for shell-and-tube heat exchangers [4]

Core Viewpoint - Harbin Island Dapeng Industrial Co., Ltd. is applying for an IPO on the Beijing Stock Exchange, with the sponsorship of Dongfang Securities, amidst regulatory scrutiny on its sponsors due to past violations [1][2]. Group 1: Company Overview - Harbin Island Dapeng Industrial specializes in the research, design, production, and sales of precision industrial cleaning products, which include industrial cleaning equipment and agents [1]. - The company previously applied for an IPO on the ChiNext board in December 2020, with a different sponsor, Shenwan Hongyuan Securities [1]. Group 2: Regulatory Issues - Two representatives from Dongfang Securities, involved in the current IPO process, faced self-regulatory measures due to violations in their duties related to the company's IPO project [1][2]. - The company stated that it is not obligated to disclose details regarding the performance of its intermediary institutions as per the Securities Law and relevant regulations [2]. Group 3: Financial Discrepancies - There is a notable discrepancy in reported sales figures to an associated party, Island Chemical Co., with amounts reported as 22.22 million yuan and 24.49 million yuan for 2020, attributed to a re-audit and correction of accounting data [4]. - The company reported government subsidies of 7.52 million yuan, 15.74 million yuan, and 14.29 million yuan for different periods, which constituted significant portions of its total profit [6]. Group 4: Government Subsidies - In 2021, the company received 20.31 million yuan in government subsidies, with a substantial portion linked to listing-related incentives, exceeding 50% of its net profit for that year [7]. - The company indicated that the government subsidies are sporadic and do not represent a significant dependency for its operations, especially as the macroeconomic environment stabilizes [7].