蓝箭航天，启动IPO辅导！

Core Viewpoint - Blue Arrow Aerospace Technology Co., Ltd. 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 Overview - Blue Arrow Aerospace was established on June 1, 2015, with a registered capital of 36 million yuan [3]. - The controlling shareholder is Zhang Changwu, who holds 14.68% of the company's shares through Huai'an Tianhui Technology Information Consulting Center (Limited Partnership) [2][3]. - The company is classified under the railway, shipbuilding, aerospace, and other transportation equipment manufacturing industry [3]. Industry Context - The recent regulatory changes have expanded the listing criteria on the Sci-Tech Innovation Board to include cutting-edge fields such as artificial intelligence, commercial aerospace, and low-altitude economy, particularly benefiting technology companies that are not yet profitable but have significant R&D investments [4]. - The commercial rocket industry has a long R&D cycle, and companies can only generate substantial revenue once they reach the commercial launch phase. However, there is a significant demand gap in China's aerospace capacity, leading to stable growth expectations for companies that establish solid 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]. Recent Developments - Blue Arrow Aerospace successfully launched the Zhuque-2 Yao-2 rocket in 2023, becoming the world's first liquid methane rocket to reach orbit. Additionally, the Zhuque-3 reusable launch vehicle's first-stage propulsion system completed testing on June 20, 2023 [4]. - The company has raised approximately 10 rounds of financing since its inception, with the latest round in December 2024, where the National Manufacturing Transformation and Upgrade Fund invested 900 million yuan, marking the largest single investment in the company's history [5].