蓝箭航天，冲刺 “商业航天第一股”

Core Viewpoint - The news highlights the completion of the IPO counseling for Blue Arrow Aerospace, positioning it to become the first publicly listed company in the commercial aerospace sector in China, with a focus on reusable liquid oxygen-methane rocket technology [1][2][3]. Company Overview - Blue Arrow Aerospace, founded in 2015, is one of the earliest private rocket companies in China, focusing on a full industry chain centered around medium to large liquid oxygen-methane launch vehicles [3][12]. - The company successfully launched the world's first liquid oxygen-methane rocket, Zhuque-2, in July 2023, and its Zhuque-3 rocket completed its maiden flight on December 3, 2025, marking significant advancements in reusable rocket technology [4][13]. IPO and Market Position - The IPO counseling for Blue Arrow Aerospace was completed on December 3, 2025, with the expectation to submit the prospectus soon, aiming to be the first commercial aerospace stock on the Sci-Tech Innovation Board [2][12]. - Following Blue Arrow's IPO counseling initiation on July 29, 2025, several other commercial aerospace startups are also preparing for IPOs, indicating a collective push towards capital market entry [2][19]. Technological Advancements - Blue Arrow's Zhuque-3 rocket is designed for reusability, featuring a stainless steel structure and capable of returning to a recovery site for soft landing, with a target of reducing launch costs to below 20,000 RMB per kilogram [5][15]. - The company has achieved full domestic production for key components of the Zhuque-3, including the engine and control systems, which is crucial for cost reduction and operational efficiency [5][14]. Industry Context - The commercial aerospace sector in China is experiencing a wave of capital interest, with Blue Arrow having raised over 500 million RMB in its early years and currently valued at 20 billion RMB [19]. - The competitive landscape is characterized by a significant gap in launch capacity between China and the U.S., with U.S. companies like SpaceX having a much higher payload capacity compared to China's current capabilities [6][15].