投行业者正敦促私募股权公司在2026年继续推动首次公开募股(IPO)市场的复苏，因为在2025年IPO市场 势头强劲之后，大量私募股权支持的公司正在排队等待上市。2025年，私募股权支持的IPO在第三季度 达到自2021年以来的最高水平。投行家们希望这一趋势能够持续，以帮助私募股权公司处理积压已久的 资产。 IPO交易挤压，融资规模待爆发 在过去的几年里，杠杆收购公司纷纷采取各种手段延长资产持有期限，而IPO投资者则大多在等待疫情 时期疯狂交易所带来的影响消退。如今，从工业领域到科技领域的一系列大型企业将于2026年上市。投 行期望私募股权公司能将旗下的一大批企业上市，以期打破自疫情以来IPO活动低迷的现状，使其重新 活跃起来。 这些潜在的交易遍布全球。印度首富Mukesh Ambani旗下的无线通讯公司Jio Platforms Ltd.在五年前曾获 得包括KKR&Co.在内的多家公司的投资支持，若上市，其估值可能高达1700亿美元。而在欧洲和美 国，由收购公司支持的公司将在2026年的首次公开募股中占据重要地位，其中包括Advent和Cinven支持 的TK Elevator、HgCapital旗下软件公 ...

Financial Overview - The total assets of the company as of the end of the reporting period amounted to 11,849,597,255.43 yuan, an increase from 11,182,033,509.52 yuan at the beginning of the period, reflecting a growth of approximately 5.98% [1][4] - Total liabilities increased to 9,185,631,969.22 yuan from 8,643,275,247.63 yuan, representing a rise of about 6.27% [2][4] - The total equity of the company reached 2,663,965,286.21 yuan, up from 2,538,758,261.89 yuan, indicating an increase of approximately 4.93% [2][4] Revenue and Profitability - The total operating revenue for the first half of 2025 was 2,259,104,655.12 yuan, down from 2,738,347,806.51 yuan in the same period of 2024, marking a decrease of about 17.5% [4][5] - Total operating costs decreased to 2,218,912,008.03 yuan from 2,633,926,792.31 yuan, a reduction of approximately 15.7% [4][5] - The net profit for the period was -8,995,344.37 yuan, an improvement compared to -19,918,448.21 yuan in the previous year, indicating a reduced loss [5][6] Cash Flow Analysis - The net cash flow from operating activities was 239,390,007.78 yuan, a significant increase from 38,261,703.76 yuan in the previous year [6][7] - Cash and cash equivalents at the end of the period totaled 641,072,855.52 yuan, up from 411,950,306.87 yuan, reflecting a positive cash position [6][7] Asset Management - The company's current assets totaled 7,248,452,198.55 yuan, an increase from 6,500,469,067.01 yuan, showing a growth of approximately 11.48% [1][2] - Inventory levels rose to 2,104,781,175.53 yuan from 1,624,602,800.22 yuan, indicating an increase of about 29.5% [1][2] Liabilities Management - Short-term borrowings increased to 2,051,677,050.27 yuan from 1,784,999,714.62 yuan, reflecting a rise of approximately 14.9% [2][4] - The total current liabilities reached 4,911,083,898.49 yuan, up from 4,233,929,184.88 yuan, indicating an increase of about 15.9% [2][4]