中科宇航IPO辅导工作完成，今年将进行可复用飞行器百公里回收技术验证

Core Viewpoint - Zhongke Aerospace Technology Co., Ltd. has completed its listing guidance process, marking a significant step towards its public offering [1][2]. Group 1: Company Overview - Zhongke Aerospace was established in December 2018 and is a high-tech enterprise incubated by the Institute of Mechanics, Chinese Academy of Sciences, focusing on the development of medium and large rockets, customized space launches, suborbital scientific experiments, and space tourism [2]. - The company is controlled by Beijing Pengyi Junlian Space Technology Center (Limited Partnership), which holds a 27.7476% stake [3]. - The founder and chairman, Yang Yiqiang, has extensive experience in rocket technology and management, having worked at the China Academy of Launch Vehicle Technology since 1987 [4]. Group 2: Financial Performance - As of 2024, Zhongke Aerospace reported a revenue of 243 million yuan and a net loss of 748 million yuan. In the first half of 2025, the company generated 36.2413 million yuan in revenue with a net loss of 311 million yuan [4]. Group 3: Product Development - The main product line includes the "Liqiang" series of launch vehicles. The Liqiang-1 successfully completed a mission on December 10, 2025, launching nine satellites, including three for international clients, and has placed a total of 84 satellites into orbit with a total payload mass exceeding 11 tons [6]. - The company is developing the Liuhong-1 return vehicle, which aims to support various scientific experiments and manufacturing in space, with plans for upgrades to enhance its capabilities [6][8]. - The Liqing-1 engine has achieved significant milestones in thrust modulation technology, demonstrating a range of thrust adjustment capabilities and marking a breakthrough in liquid oxygen and kerosene engine technology [7]. Group 4: Future Plans - Zhongke Aerospace plans to utilize the Liuhong-2 reusable vehicle, powered by three Liqing-1 engines, for a recovery technology verification mission in 2026 [8]. - The company aims to develop the Liqiang-2 and Liqiang-3 heavy launch vehicles, focusing on low-cost and high-reliability technologies to facilitate rapid deployment and sustainable operation of space infrastructure in China [8].