一年亏损1.8亿，国内首家商业火箭公司将易主

Core Viewpoint - The transfer of 29.5904% equity in Aerospace Science and Industry Rocket Technology Co., Ltd. (referred to as "Kegong Rocket") signifies a significant shift in the ownership structure, indicating a potential strategic adjustment by its controlling shareholder, China Aerospace Sanjiang Group Co., Ltd. (referred to as "Sanjiang") [1][5] Company Overview - Kegong Rocket, established in February 2016, is China's first commercial rocket company operating under a purely commercial model for the research and application of launch vehicles [1] - The company has completed two rounds of financing: 1.2 billion RMB in A round financing in December 2017, and 1.585 billion RMB in B round financing in June 2022 [2] Financial Performance - The company has faced continuous financial challenges, reporting revenues of 63.8078 million RMB in 2024 and a net loss of approximately 180 million RMB; in the first 11 months of 2025, revenues were 67.3565 million RMB with a net loss of about 136 million RMB [3] - As of November 2025, total assets were approximately 3.033 billion RMB, with liabilities around 472 million RMB [3] Market Position and Competition - Kegong Rocket's current active rocket products include "Kuaizhou-1A" and "Kuaizhou-11," but it faces intense competition from several private companies in the commercial space launch market, particularly in the solid rocket sector [3] - Competitors include Zhongke Yuhang's "Lijian-1," Xinghe Power's "Gushenxing-1," and others, with Kegong Rocket's payload capacities being significantly lower than some competitors [3] Industry Trends - The commercial space launch market is evolving towards larger capacity and reusable rockets, posing significant technical and market challenges for Kegong Rocket, which primarily relies on existing expendable solid rocket technology [5] - The equity transfer is viewed as a milestone in the development of China's commercial space industry, reflecting a trend towards resource integration and increased market concentration amid rising competition and higher expectations for profitability [5]