蓝箭航天 IPO:中国 SpaceX启航！一位前普华永道会计师任副总拥有 1.1402%股份， 一位金杜律师任董秘拥有0.0366%股份，很亮眼！

Core Viewpoint - Blue Arrow Aerospace is set to launch its IPO on the last day of 2025, positioning itself as China's version of SpaceX, with a target valuation of 75 billion yuan from the issuance of 40 million shares [1][3]. Company Overview - The company is recognized as a leader in reusable rocket technology in China, aligning with the recent guidelines issued by the Shanghai Stock Exchange for commercial rocket enterprises [1][6]. - The board of directors includes notable figures such as Zhang Changwu, the founder and chairman, and Zhang Chen, the vice president, both of whom have significant experience in finance and management [2][16]. Financial Highlights - The IPO aims to raise 7.5 billion yuan, with a total valuation of 75 billion yuan based on the issuance [3]. - As of June 30, 2025, the company reported total assets of approximately 635.35 million yuan, with a net profit attributable to the parent company of -596.54 million yuan [11][14]. - The company has not yet achieved profitability, with net losses reported for the past several years, primarily due to high R&D costs and the early stage of its commercial launch services [14][15]. R&D and Innovation - The company has made substantial investments in R&D, with expenditures amounting to 487.22 million yuan in the first half of 2025, representing a significant percentage of its revenue [12][14]. - Blue Arrow Aerospace has successfully launched its Zhuque-3 rocket, demonstrating its capability in the commercial space sector [9]. Market Context - The Chinese government has emphasized the importance of developing the commercial aerospace industry, which is seen as a critical component of national strategy [6][7]. - The recent guidelines from the Shanghai Stock Exchange aim to support the growth of commercial rocket enterprises, enhancing their access to capital markets [6][7]. Future Plans - The funds raised from the IPO will be allocated to projects aimed at enhancing the production capacity and technology of reusable rockets, with a total investment plan of approximately 846.17 million yuan [24].