星河动力，加入IPO梯队

Core Viewpoint - Beijing Xinghe Power Aerospace Technology Co., Ltd. has completed its IPO guidance filing, marking a significant step in the commercial rocket industry in China, where it stands out as a leader in launch frequency and success rate [1][2] Company Overview - Xinghe Power was established in 2018 and is the first private commercial rocket company in China to achieve mass production and high-density launches [1] - The company has successfully launched its "Vulcan-1" rocket 20 times, delivering 85 commercial satellites for 27 clients, accounting for 51.3% of the total successful launches in the domestic private rocket sector [1][2] Product Development - Xinghe Power has developed a comprehensive product matrix covering various launch service scenarios, including micro and small satellite launches, medium-sized network launches, and large constellation launches [2] - The "Vulcan-2" rocket is set for its maiden flight this year, targeting medium-sized network needs, while the "Zhishen" series, a new generation of reusable rockets, aims to reduce launch costs to below 50% of traditional models [2][3] Funding and Financials - In September, Xinghe Power announced the completion of a D-round financing totaling 2.4 billion yuan, making it the highest single-round financing for a private rocket company in China to date [3][4] - Cumulatively, the company has raised over 5 billion yuan across multiple financing rounds [4] Technological Capabilities - Xinghe Power has established a full-chain technical capability from design to launch, with all core systems and components developed in-house [3] - The company has built a robust quality management and safety control system covering the entire process from design to launch [3]