被抽中现场检查！蓝箭航天三年半累计亏近35亿元，冲击IPO胜算几何

Core Viewpoint - Blue Arrow Aerospace is leading the charge to become the first publicly listed commercial aerospace company in China by submitting its IPO prospectus, despite currently being in a loss-making position [1][4]. Company Overview - Blue Arrow Aerospace, founded in 2015, focuses on the research, development, and production of liquid oxygen-methane engines and launch vehicles, as well as providing commercial rocket launch services [4]. - The company aims to raise 7.5 billion yuan through its IPO, with funds allocated to enhancing reusable rocket capacity and technology [4]. Financial Performance - Blue Arrow Aerospace has reported cumulative losses of approximately 3.465 billion yuan from 2022 to the first half of 2025 [6]. - Revenue figures for the reporting period are as follows: 782,900 yuan in 2022, 3.9521 million yuan in 2023, 4.2783 million yuan in 2024, and 36.4319 million yuan in the first half of 2025 [7]. - The net profit attributable to the company for the same periods were -800.4 million yuan, -1.188 billion yuan, -876 million yuan, and -597 million yuan respectively [7]. Research and Development - The company has invested approximately 2.289 billion yuan in R&D over three and a half years, with annual R&D expenses of 487 million yuan, 830 million yuan, 613 million yuan, and 360 million yuan [8]. - As of June 30, 2025, Blue Arrow Aerospace employed 404 R&D personnel, accounting for 33.28% of its total workforce [8]. Market Context - The commercial aerospace sector is experiencing accelerated competition for IPOs, with several companies, including Yixin Aerospace and Xinghe Power, also in the listing guidance phase [12]. - The market is expected to grow significantly due to the expanding applications of satellites in communication, navigation, and remote sensing, particularly in 5G and IoT sectors [12]. Regulatory Environment - The Chinese government has been supportive of the commercial aerospace sector, with recent policies aimed at facilitating IPOs for companies in this field [13]. - The introduction of the "1+6" reform measures by the China Securities Regulatory Commission in June 2025 has expanded the eligibility for companies in cutting-edge technology sectors, including commercial aerospace, to list on the Sci-Tech Innovation Board [13].