连年巨亏冲科创板，蓝箭航天成色如何？

Core Viewpoint - Blue Arrow Aerospace, a leading private rocket company in China, has initiated guidance for its IPO on the Sci-Tech Innovation Board despite significant losses exceeding 1 billion RMB in the past two years, reflecting the high-risk nature of the commercial aerospace industry [1][9]. Company Overview - Blue Arrow Aerospace was established on June 1, 2015, with a registered capital of 360 million RMB and is led by Zhang Changwu [2]. - The company aims to build a comprehensive industrial chain centered around medium and large liquid oxygen-methane launch vehicles, providing high-cost performance and reliable aerospace transportation services [1][2]. - The controlling shareholder, Zhang Changwu, holds 14.68% of the company's shares through his controlled entity, Huai'an Tianhui Technology Information Consulting Center [2]. Financial Performance - Blue Arrow Aerospace reported net losses of 1.015 billion RMB in 2024 and 1.178 billion RMB in 2023, with net assets of 3.916 billion RMB and 2.495 billion RMB, respectively [6][8]. - The company's valuation is estimated at approximately 11.796 billion RMB based on recent transactions, with a potential valuation of 20 billion RMB as listed in the 2025 Global Unicorn List [5][6]. Investment and Funding - The company has raised substantial funds, with total financing reaching several billion RMB, including a notable 900 million RMB investment from the National Manufacturing Transformation and Upgrade Fund in December 2024 [2][3]. - Notably, Country Garden Ventures, an early investor, sold its entire stake before the IPO, realizing a profit of 370 million RMB [3][5]. Industry Context - The commercial aerospace sector is characterized by high technology, high investment, high risk, and long cycles, with Blue Arrow Aerospace being a prominent player in this evolving landscape [1][9]. - The company is positioned to benefit from the upcoming surge in demand for satellite internet as China prepares for a dense network of large satellite constellations [1][13]. IPO and Market Conditions - Blue Arrow Aerospace is the first commercial aerospace company to initiate an IPO under the newly expanded fifth set of standards on the Sci-Tech Innovation Board, which lowers profitability requirements for emerging industries [1][14]. - The recent regulatory changes are expected to facilitate the listing of companies in the commercial aerospace sector, which has historically struggled to meet traditional IPO standards [14].