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 ...

IPO Performance - In November 2025, the average first-day return for new stocks was 471%, showing an increase from previous months[24] - The average first-day return for IPOs in the first 11 months of 2025 reached 356%, significantly higher than in 2024[25] Fundraising and Market Activity - A total of 23 companies completed their IPOs in the first 11 months of 2025, raising 6.7 billion yuan, surpassing the total for 2024[2] - In November, 5 companies went public, raising 980 million yuan, maintaining a rapid IPO pace[19] Subscription Trends - The average subscription amount for new shares in November was 711.2 billion yuan, reflecting strong market interest[32] - The average subscription limit for accounts in the first 11 months of 2025 increased to 12.28 million yuan, significantly higher than 8.07 million yuan in 2023 and 8.43 million yuan in 2024[36] Company Quality - The average revenue for newly listed companies in 2025 was 800 million yuan, with an average net profit of 110 million yuan, indicating improved company quality[41] - The average gross margin for new IPOs in 2025 was 34%, up from previous years[40] Market Risks - Risks include potential changes in IPO review policies and market enthusiasm for new stock subscriptions[2]

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].