蓝箭航天，启动IPO辅导

Core Viewpoint - The company Blue Arrow Aerospace is preparing for an IPO on the Sci-Tech Innovation Board, marking the potential first commercial aerospace company to list in this sector in China [1][4]. Company Summary - Blue Arrow Aerospace is controlled by Zhang Changwu and his entity Huai'an Tianhui Technology Information Consulting Center, holding 14.68% of the shares [2]. - Founded in 2015, Blue Arrow Aerospace is one of the earliest private commercial rocket companies in China [5]. - The company has successfully launched the Zhuque-2 rocket in 2023, becoming the world's first liquid methane rocket to reach orbit [5]. - Blue Arrow Aerospace has completed approximately 10 rounds of financing since its establishment, with the latest round in December 2024, where the National Manufacturing Transformation and Upgrade Fund invested 900 million yuan, the largest single investment in the company's history [5]. Industry Summary - The recent regulatory changes by the China Securities Regulatory Commission (CSRC) have expanded the listing criteria on the Sci-Tech Innovation Board to include sectors like artificial intelligence, commercial aerospace, and low-altitude economy, focusing on technology-driven companies with significant breakthroughs and broad commercial prospects [4]. - The commercial rocket industry has a long R&D cycle, and companies can only secure bulk orders and scale revenue during the commercial launch phase. However, there is a significant demand gap in China's aerospace capacity, leading to stable growth expectations for rocket companies that establish stable partnerships with clients [4]. - Market institutions predict that the market size of China's rocket industry will reach hundreds of billions of yuan by 2027 [4].