200亿元商业航天“元老”冲刺科创板，为什么是现在？

Group 1 - Blue Arrow Aerospace has initiated the listing guidance for the Sci-Tech Innovation Board, aiming to become the first private commercial aerospace company listed in China [1] - The company has completed two vertical landing recovery tests and achieved the world's first successful orbit insertion of a liquid oxygen-methane rocket [1] - Blue Arrow Aerospace is valued at 20 billion yuan according to the Hurun Research Institute's 2025 Global Unicorn List, ranking 418th [1] Group 2 - The company reported net losses of 1.177 billion yuan and 1.015 billion yuan for 2023 and 2024, respectively [1] - The capital market consensus identifies "high investment, high risk, and long cycle" as characteristics of the commercial aerospace sector [1] - The China Securities Regulatory Commission has reopened the fifth set of standards for unprofitable companies to list on the Sci-Tech Innovation Board, facilitating the IPO process for commercial aerospace firms [2] Group 3 - Blue Arrow Aerospace has two rockets: "Zhuque-2," the first commercially operational liquid rocket in China, and "Zhuque-3," a next-generation reusable liquid oxygen-methane rocket expected to have its maiden flight in 2025 [2] - The company has focused on developing liquid methane rockets from the beginning, differing from many domestic private rocket companies that started with solid rockets [2] - The founder and CEO, Zhang Changwu, emphasizes the importance of a consistent technical path and patience in decision-making [3]