蓝箭航天IPO遭现场抽检，募资75亿押注可重复使用火箭，什么时候能盈利？

Group 1 - Blue Arrow Aerospace Technology Co., Ltd. (Blue Arrow) is among the first batch of companies selected for on-site inspections by the China Securities Association for its IPO application on the Sci-Tech Innovation Board [2][20] - The company submitted its prospectus on December 31, 2025, aiming to become the first commercial aerospace company to list on the domestic capital market [20] - Blue Arrow plans to issue no less than 40 million shares, accounting for 10% of the total post-issue share capital, raising 7.5 billion yuan for projects focused on reusable rocket capacity and technology enhancement [20][13] Group 2 - Blue Arrow is a pioneer in the domestic liquid oxygen-methane reusable rocket sector, holding a leading position in technology and scale within the commercial rocket industry [20][21] - The company has completed 17 rounds of financing, with disclosed amounts totaling 3.5 billion yuan, and the latest round in December 2024 raised 900 million yuan from the National Manufacturing Transformation and Upgrade Fund [4][21] - The company has faced continuous losses, with revenues from 2022 to mid-2025 being 782,900 yuan, 3.9521 million yuan, 4.2783 million yuan, and 36.4319 million yuan, while net losses were 804 million yuan, 1.187 billion yuan, 876 million yuan, and 597 million yuan respectively [24][7] Group 3 - The company’s R&D expenses during the same period were 487 million yuan, 830 million yuan, 613 million yuan, and 360 million yuan, indicating a high cost structure typical of technology-intensive industries [9][27] - Blue Arrow's business model is still in its early stages, and it is expected to take at least five years to achieve profitability due to the high capital requirements and the need for reliable rocket recovery technology [21][28] - The company aims to achieve revenue of at least 500 million yuan in 2026 and 1 billion yuan in 2027, as indicated in its stock option incentive plan [28][10] Group 4 - The commercial aerospace sector in China is still developing, with Blue Arrow positioned as a key player among other companies like Tianbing Technology and Zhongke Aerospace, all of which have announced IPO guidance [34][17] - The market for low-orbit satellite networks in China remains largely untapped, with Blue Arrow expected to participate in significant satellite launch projects in the coming years [32][15] - The successful listing of Blue Arrow could set a benchmark for other companies in the commercial rocket sector, influencing their valuation and market positioning [34][17]