民商火箭独角兽家底曝光！估值超110亿元，正式启动IPO！

Core Viewpoint - Zhongke Aerospace, a domestic commercial aerospace unicorn, has been valued at over 11.1 billion yuan and has officially initiated its IPO process [1][5]. Company Overview - Zhongke Aerospace was established in December 2018 with a registered capital of 360 million yuan [2]. - The company is recognized as Guangdong Province's first commercial aerospace unicorn and has appeared on the Hurun Research Institute's Global Unicorn List for 2024 and 2025 [2]. - The major shareholders include Beijing Pengyi Junlian Space Technology Center (27.75%) and Beijing Zhongke Lisen Technology (26.49%), with Pengyi Junlian being the controlling shareholder [2]. Business Operations - Zhongke Aerospace is a leading player in the domestic commercial aerospace sector, focusing on large rocket development, customized space launches, suborbital scientific experiments, and space tourism [3]. - The company operates a comprehensive industrial base in Nansha, Guangzhou, which is the first of its kind in China, covering an area of 600 acres and expected to achieve an annual production capacity of 30 rockets upon full completion [3]. Market Position and Performance - As of 2023, Zhongke Aerospace holds the top market share in China's commercial rocket launch services [4]. - The company successfully launched six satellites into orbit using its Lijian-1 rocket on May 21, 2023, marking its seventh flight and bringing the total number of satellites launched to 63, with a total payload mass exceeding 6 tons [4]. - Since its inception, Zhongke Aerospace has completed approximately eight rounds of financing, with a notable 600 million yuan raised in a Series C round in April 2023 [4]. Financial Performance - For the year 2024, Zhongke Aerospace is projected to generate 243 million yuan in revenue but is expected to incur a net loss of 748 million yuan [5]. - In the first half of the current year, the company reported revenue of 36.24 million yuan and a net loss of 31.1 million yuan [5]. - As of June 30, 2025, the total assets of Zhongke Aerospace amounted to 2.073 billion yuan, with owner equity at 801 million yuan [6]. Industry Trends - The commercial aerospace sector is witnessing an acceleration in the securitization of companies with aerospace technology backgrounds, with several firms, including Changguang Satellite and Chengdu Guoxing Aerospace, pursuing IPOs [7]. - Regulatory support for commercial aerospace enterprises has increased, with the China Securities Regulatory Commission (CSRC) introducing policies to facilitate the listing of technology-driven companies, particularly those in the commercial aerospace sector [7].