IPO承销收费图谱透视。 2025年2月15日，《国务院关于规范中介机构为公司公开发行股票提供服务的规定》正式落地， 明确叫停了以 往按发行规模递增收费比例以及收取上市奖励的做法，券商投行的收费模式由此进入调整期。 过去一年，投行收费有哪些变化？以沪深IPO市场作为观察样本，券商中国记者梳理招股书发现，2025年按募 资金额进行"阶梯式收费"的案例数量大幅减少，从2023年占比约38%锐减至2025年的6%，且该类案例如今普 遍采用"递减收费比例"标准。相较来看，在"募资金额*固定费率"模式基础上附加"保底收费或限高收费"条款 的混合模式，成为当前收费主流，占比达到49%。 从上市板收费情况来看，科创板承销保荐费继续保持高位，主板与创业板承销保荐费较往年回落，而北交所费 用显著提升。与此同时，券商之间的收入格局依然显示出"头部效应"。 阶梯式收费案例数量锐减 回望过去一年，IPO市场亮点纷呈，除受理回暖、未盈利"硬科技"企业迎来更多上市机会之外（详见《 2025年 IPO全景透视！300家新受理，哪些券商是大赢家？ 》），另一大看点在于，IPO承销保荐费用的收取模式在监 管新规与市场环境的双重影响下的变化。 ...

| 上市板块 | | 2025年平均值(万元) | 2023年—2024年平均值(万元) | | --- | --- | --- | --- | | 北交所 | 2079.75 | | 1455.64 | | 上交所科创板 | 12239.93 | | 9579.84 | | 上交所主板 | 6531.47 | | 7342.91 | | 深交所创业板 | 4658.52 | | 7016.29 | | 深交所主板 | 6138.99 | | 6559.96 | 投行首发（IPO）业务采用"阶梯式收费"的案例数量大幅减少，该模式案例占比从2023年的约38%锐减至2025年的6%，且 现存的阶梯式收费案例普遍采用"递减收费比例"标准。 证券时报记者以沪深IPO市场为观察样本发现，在"募资金额×固定费率"基础上附加"保底收费或限高收费"条款的混合收费 模式，已成为当前投行的主流收费方式，占比高达49%。 从上市板块收费情况看，科创板承销保荐费继续保持高位，主板与创业板承销保荐费较往年回落，而北交所费用显著提 升。与此同时，券商之间的收入格局依然显示出"头部效应"。 四大收费模式浮现 一是由主流转为非主流的"阶梯 ...

（原标题：IPO承销保荐费格局生变：阶梯式收费锐减 混合模式成主流） 证券时报记者 谭楚丹 投行首发（IPO）业务采用"阶梯式收费"的案例数量大幅减少，该模式案例占比从2023年的约38%锐减至2025年的6%，且现存的阶梯式收费案例 普遍采用"递减收费比例"标准。 证券时报记者以沪深IPO市场为观察样本发现，在"募资金额×固定费率"基础上附加"保底收费或限高收费"条款的混合收费模式，已成为当前投行 的主流收费方式，占比高达49%。 从上市板块收费情况看，科创板承销保荐费继续保持高位，主板与创业板承销保荐费较往年回落，而北交所费用显著提升。与此同时，券商之间 的收入格局依然显示出"头部效应"。 四大收费模式浮现 过去一年，IPO市场亮点纷呈，除受理回暖、未盈利"硬科技"企业迎来更多上市机会之外，另一大看点在于，IPO承销保荐费用的收取模式在监管 新规与市场环境双重影响下出现变化。 具体来看，科创板IPO项目承销保荐费的平均值达到1.22亿元，较2023年至2024年之间的平均值9579.84万元有明显提升。 2025年2月15日《国务院关于规范中介机构为公司公开发行股票提供服务的规定》（以下简称"新规"）正式 ...

投行首发（IPO）业务采用"阶梯式收费"的案例数量大幅减少，该模式案例占比从2023年的约38%锐减 至2025年的6%，且现存的阶梯式收费案例普遍采用"递减收费比例"标准。 证券时报记者以沪深IPO市场为观察样本发现，在"募资金额×固定费率"基础上附加"保底收费或限高收 费"条款的混合收费模式，已成为当前投行的主流收费方式，占比高达49%。 从上市板块收费情况看，科创板承销保荐费继续保持高位，主板与创业板承销保荐费较往年回落，而北 交所费用显著提升。与此同时，券商之间的收入格局依然显示出"头部效应"。 三是在第二种模式基础上附加限制性条款的"固定费率附限额条件"模式。在2025年，采用该模式的企业 达38家，占比49%，而2023年这一占比仅为25%。"附限额条件"主要是"保底收费"或"限高收费"。其中 有31家采用"保底收费"，这主要因为业内对IPO的募资预期发生变化——2024年IPO市场冷清，不少项 目未能足额募资。 在"保底收费"案例中，比如2025年12月上市的百奥赛图，其保荐承销费用按照"募集资金总额×保荐承销 费率7.5%，且不低于9850万元"计算。在"限高收费"案例中，2025年7月上市的 ...

文 /梧桐数据中心 2025年，A股共有116家公司上市，其中沪市主板23家、科创板19家、深市主板15家、创业板33家、 北交所26家。相较去年同期的100家，同比增长16%。这116家新上市公司募资净额为1220.25亿元， 相较去年同期的597.43亿元，同比增长104.25%。这116家新上市公司的IPO中介机构收费共计 91.56亿元，其中承销保荐费67.04亿元，律师费8.21亿元，审计费16.31亿元。承销保荐收费总额排 名第一的是中信证券，12.44亿元，业务单数15单；律师收费总额排名第一的是上海锦天城，1.14亿 元，业务单数16单；审计收费总额排名第一的是容诚，4.17亿元，业务单数29单。 一、各板块情况 按照板块业务划分，承销保荐业务收费总额从高到低分别为： 科创板 、沪主板、 创业板 、深主板、 北交所；律师费从高到低分别为：创业板、沪主板、 科创板、 深主板、北交所；审计费从高到低分别 创业板、沪主板、科创板、深主板 、 北交所。 各板块中介机构收费占比情况基本一致，其中券商收费占比 约 7成，剩下的收费空间中，会所收费较 律所稍高，律所收费最低。 单位 ：亿元 | 所属板块 | ...

Core Insights - The total number of IPO projects under review is 265, with various statuses including accepted, inquired, registered, and suspended [3][4][5] - The leading underwriting institution is Guotai Haitong Securities, handling 35 projects, followed by CITIC Securities with 29.5 projects, and CITIC Jianzhong Securities with 21 projects [2][4] Summary by Category IPO Project Status - The breakdown of the 265 IPO projects shows: - Accepted: 18 - Inquired: 34 - Registered: 15 - Suspended: 1 - Terminated: 76 [4][5] Underwriting Institutions - The concentration of projects among the top ten underwriting institutions accounts for 61.51% of all projects, indicating a high level of project concentration [2] - The top three underwriting institutions are: - Guotai Haitong Securities: 35 projects - CITIC Securities: 29.5 projects - CITIC Jianzhong Securities: 21 projects [2][4] Project Distribution by Board - The distribution of projects across different boards is as follows: - Shanghai Main Board: 18 projects - Sci-Tech Innovation Board: 34 projects - Shenzhen Main Board: 21 projects - Growth Enterprise Market: 27 projects - Beijing Stock Exchange: 165 projects [4][5]

Group 1 - The core viewpoint of the article highlights the significant role of the Sci-Tech Innovation Board (STAR Market) in optimizing the A-share market structure and serving as a platform for key technological advancements since its launch on July 22, 2019 [1] - As of July 22, 2025, a total of 591 companies have been listed on the STAR Market, raising a cumulative amount of 927.156 billion yuan, with a total market capitalization exceeding 7 trillion yuan [1] - Among the 591 companies, 65 securities firms provided underwriting and sponsorship services, with Guotai Junan and Haitong Securities combined leading in both the number of IPOs and underwriting amounts [1][2] Group 2 - Guotai Junan and Haitong Securities ranked first in underwriting amount with 213.777 billion yuan from 112 IPOs, followed by CITIC Securities with 167.069 billion yuan from 99 IPOs [2][3] - The article notes that 31 out of 93 companies sponsored by Guotai Junan are currently trading below their IPO price, representing over 33% of their sponsored projects, the highest among all underwriters [5][7] - ST Pawa, one of the companies sponsored by Haitong Securities, has seen its stock price drop by 76.35% from its IPO price, raising concerns about the underwriting firm's diligence [5][6] Group 3 - A notable characteristic of the IPOs sponsored by Guotai Junan is the high proportion of companies that exceeded their fundraising targets, with 63 out of 93 companies raising more than initially expected, accounting for over 67% [8][9] - Among these, SMIC raised 53.23 billion yuan, exceeding its target by 32.516 billion yuan, while Dayun Technology had the highest overfunding ratio at 238.3% [9][10] - The high fundraising ratios are attributed to "high price" issuances, with Dayun Technology's IPO priced at 152.38 yuan per share, significantly above the industry average, leading to a substantial drop in its stock price post-IPO [10][11]

Core Insights - The landscape of IPO underwriting has changed significantly in the first half of the year, with Guotai Junan Securities and Haitong Securities leading the market with 26 IPO projects accepted, surpassing CITIC Securities, which had held the top position for many years [2][3] Group 1: Market Dynamics - A total of 177 IPO projects were accepted by 38 securities firms in the first half of the year, with the top 12 firms accounting for 73% of the market share [2] - Guotai Junan's projects were primarily focused on the Beijing Stock Exchange, with 18 out of 26 projects coming from this market, representing nearly 70% [3] - CITIC Securities had a more balanced portfolio with 22 accepted projects, including 9 from the Beijing Stock Exchange and 7 from the Sci-Tech Innovation Board [3] Group 2: Competitive Landscape - Other notable firms included Zhongtai Securities and CICC, ranking third and fourth with 14 and 10 accepted projects, respectively [4] - Smaller firms struggled to compete, with 21 firms having accepted fewer than 3 projects, accounting for 56% of the total [5] Group 3: Challenges for Smaller Firms - Many smaller firms lack sufficient project reserves, often resulting in lower quality submissions and difficulties in competing for high-tech projects against larger firms [5][6] - Despite the challenges, some smaller firms managed to secure significant projects in the Shanghai and Shenzhen IPO markets [6] Group 4: Future Strategies - Many firms are focusing on expanding their presence in the Beijing Stock Exchange and New Third Board, viewing these as key growth areas [7] - There is a consensus among firms to enhance their merger and acquisition (M&A) capabilities, with several firms planning to strengthen their resources in this area [7]

Core Viewpoint - The A-share IPO market has shown signs of recovery in 2025 after a prolonged downturn in 2024, with both the number of IPOs and the amount raised increasing compared to the previous year [2][3][6]. A-share IPO Market Recovery - In 2025, the A-share equity financing market has maintained a steady issuance pace, with a total fundraising of 214.83 billion yuan, representing a year-on-year increase of 53.1% [3]. - As of June 8, 2025, 45 A-share companies have been sponsored for IPOs, marking a 12.5% increase from the previous year, with total fundraising amounting to 33.655 billion yuan, up approximately 19% [3]. - The provinces with the highest number of IPOs include Zhejiang and Jiangsu, each with 10 IPOs, and Guangdong with 9 [3]. Leading Brokers in A-share IPOs - The top three brokers in A-share IPO underwriting for 2025 are CITIC Securities, Huatai United Securities, and CITIC Jin Investment, with underwriting amounts of 7.918 billion yuan, 3.034 billion yuan, and 2.674 billion yuan, respectively [4]. - A total of 23 brokers have participated in A-share IPOs this year, with four brokers exceeding 200 million yuan in underwriting income [4]. Hong Kong IPO Market Surge - The Hong Kong IPO market has experienced a significant increase, with a year-on-year growth of over 700% in fundraising during the first five months of 2025 [2][7]. - Analysts expect that the robust performance of the Hong Kong IPO market will contribute positively to the investment banking revenues of brokers [6][7]. - UBS anticipates that the Hong Kong IPO market's surge is driven by multiple factors, including policy optimization and changes in global economic conditions [7]. Participation of Chinese Brokers in Hong Kong IPOs - In the first five months of 2025, over half of the IPO underwriting in Hong Kong was conducted by Chinese brokers, with notable participation from CICC, Huatai International, and CITIC Securities [8]. - CICC has sponsored 8 companies, while Huatai International and other brokers have also shown significant involvement in the Hong Kong IPO market [8].

文/梧桐数据中心 2024年，A股合计新上市公司正好100家！其中沪市主板17家、科创板15家、深市主板7家、创业板38家、北交所23家。这100家新上市公司的IPO中介机构收费共 计62.46亿元，其中承销保荐费44.53亿元，律师费6.40亿元，审计费11.53亿元。承销保荐收费总额排名第一的是中信证券，6.49亿元，业务单数11单；律师收费总 额排名第一的是上海锦天城，0.83亿元，业务单数13单；审计收费总额排名第一的是容诚，3.57亿元，业务单数27单。 一、各板块情况 按照板块业务划分，承销保荐业务收费总额从高到低分别为：创业板、沪主板、科创板、北交所、深主板；律师费从高到低分别为：创业板、沪主板、科创板、 北交所、深主板；审计费从高到低分别创业板、沪主板、科创板、北交所、深主板。 各板块中介机构收费占比情况基本一致，其中券商收费占比近7成，剩下的收费空间中，会所收费较律所稍高，律所收费最低。 沪主板承销保荐费的中位数最高，为5665.86万元，北交所最低，为1541.75万元；创业板律师费的中位数最高，为789.81万元，北交所最低，为243.40万元；沪主 板审计费的中位数最高，为1424.5 ...