三年半烧光近35亿！蓝箭航天冲击IPO，开年遇现场抽检

Core Viewpoint - Blue Arrow Aerospace, often referred to as the "Chinese version of SpaceX," has officially submitted its IPO application to the Shanghai Stock Exchange, aiming to raise 7.5 billion yuan, marking a significant milestone in its ten-year journey since its establishment in 2015 [2] Company Overview - Founded in 2015, Blue Arrow Aerospace has transitioned from being perceived as a "scam" to a pioneer in China's commercial aerospace sector [2] - The company is led by Zhang Changwu, who has a financial background and previously worked at HSBC and Santander Bank, which is unique in the technology-driven aerospace startup landscape [3][4] Financial Performance - Blue Arrow Aerospace reported a revenue of 782,900 yuan in 2022, which increased to 36.43 million yuan in the first half of 2025 due to the commercial launch of its Zhuque-2 rocket [7] - The company has accumulated a net loss of approximately 3.46 billion yuan from 2022 to mid-2025, with a significant loss of 1.187 billion yuan in 2023 alone [7][8] Funding and Investment - The company plans to issue up to 500 million shares to raise a total of 7.5 billion yuan, with 4.73 billion yuan allocated for reusable rocket technology enhancement and 2.77 billion yuan for increasing production capacity [5][6] - Blue Arrow has attracted significant investment from both venture capital and state-owned funds, with a total of 1.35 billion yuan injected by national industrial investment funds in 2024 [4][5] Market Position and Strategy - Blue Arrow Aerospace aims to address capacity bottlenecks in the aerospace industry by establishing intelligent manufacturing bases and transitioning to industrial-scale production [6] - The company has been included in the core supplier list for the "China Star Network" and has secured a contract for launching 18 satellites in a single mission, positioning itself favorably in the growing satellite internet infrastructure market [8] Industry Outlook - The commercial aerospace sector is expected to see a wave of IPOs, with Blue Arrow's listing potentially igniting interest in the industry, especially given the high valuation of SpaceX [9] - Analysts predict that the industry may experience a merger and acquisition wave as companies strive to establish themselves in the competitive landscape [9]