一年亏损1.8亿元，国内首家商业火箭公司拟易主

Core Viewpoint - The transfer of a 29.5904% stake in Aerospace Science and Industry Corporation Rocket Technology Co., Ltd. is set to take place, with a base price of approximately 3.3 billion yuan, indicating a significant shift in ownership and potential strategic direction for the company [1][2]. Group 1: Company Overview - Aerospace Science and Industry Corporation Rocket Technology Co., Ltd. was established in February 2016 and is recognized as China's first specialized rocket company operating under a commercial model [2]. - The company primarily operates solid rockets, including the "Kuaizhou-1A" and "Kuaizhou-11" [2]. Group 2: Financial Performance - The company has reported poor financial performance, with revenues of 63.81 million yuan in 2024 and a net loss of approximately 180 million yuan [2]. - For the period from January to November 2025, the company generated revenues of 67.36 million yuan and incurred a net loss of about 136 million yuan [2]. - As of November 30, 2025, the total assets of the company amounted to 3.033 billion yuan, with total liabilities of 472 million yuan [2]. Group 3: Market Competition - The solid rocket launch market is highly competitive, with domestic private aerospace companies achieving breakthroughs in both technology and market presence [2]. - Competing products include the "Liqian-1" from Zhongke Yuhang, which has a near-Earth orbit capacity of 2 tons, and the "Yingli-1" from Dongfang Space, which can carry up to 6.5 tons [2]. Group 4: Future Developments - The company is currently developing a liquid oxygen-methane launch vehicle as part of its Kuaizhou series [3]. - The reusable technology test vehicle for the Kuaizhou rocket has completed vertical takeoff and landing tests, although progress is lagging behind competitors such as Blue Arrow Aerospace and the Eighth Academy of Aerospace Science and Technology [3]. - The company has previously considered an IPO and was listed as a "seed" enterprise for the Hubei Province Science and Technology Innovation Board, but its progress has been slower than peers [3].