商业航天“明星企业”星河动力、星际荣耀，IPO有新进展

Group 1 - Xinghe Power completed its IPO counseling filing with the Beijing Securities Regulatory Bureau in October 2025, joining the IPO queue for commercial rocket companies [3] - Founded in 2018, Xinghe Power is the first private commercial rocket enterprise in China to achieve mass production, high-density launches, and commercialization of rockets [3] - In 2025, the main engine CQ-50 of the reusable liquid launch vehicle Zhishen-1 completed over 10,000 seconds of cumulative testing, achieving a significant breakthrough with a wide thrust range capability of 32% to 105% [3] - Xinghe Power has successfully completed the testing of the Zhishen-1 rocket's second-stage power system and the first-stage seven-engine parallel test on a sea platform, with the large ground tests for this rocket model now fully concluded [3] - On January 20, Xinghe Power announced the successful full-system hot test of the main engine (CQ-90) for the Zhishen-2 large reusable launch vehicle at the Niutoushan engine test site in Chizhou, Anhui [3] Group 2 - Star Glory Aerospace Technology Group Co., Ltd. was established in October 2016 and successfully launched its independently developed SQX-1 rocket in 2019, becoming the first private commercial launch vehicle company in China to achieve orbit [6] - The company has planned a technology development path from solid to liquid, from small to large, and from space to ground, with a product line of the Double Curve series of launch vehicles [6] - The updates on the IPO counseling progress for both Xinghe Power and Star Glory indicate that the IPO process for commercial aerospace is proceeding normally [6]