星河动力正式启动A股IPO：民营火箭「发射王」，商业化落地不断提速

Core Viewpoint - The article discusses the potential for a "commercial aerospace IPO boom" in the A-share market next year, driven by favorable policies and the recent initiation of IPO processes by several commercial aerospace companies, including Xinghe Power [2][4]. Group 1: Industry Trends - Xinghe Power has officially started its A-share IPO process, becoming one of several commercial aerospace companies to do so, alongside Blue Arrow Aerospace and others [2]. - The China Securities Regulatory Commission (CSRC) has indicated a reopening of the fifth set of standards for unprofitable companies on the Sci-Tech Innovation Board, which will support high-quality tech enterprises in fields like artificial intelligence and commercial aerospace [2]. Group 2: Company Overview - Founded in 2018, Xinghe Power is the first private commercial rocket company in China to achieve mass production and high-density launches, having successfully launched 85 commercial satellites for 27 clients, accounting for 51.3% of the total successful launches in the private rocket sector [4][6]. - The company has pioneered several "firsts" in the private commercial aerospace sector, including the first to send network satellites into a 500 km sun-synchronous orbit and the first to master both sea and land launch capabilities [4]. Group 3: Technological and Operational Capabilities - Xinghe Power has developed a comprehensive technical capability covering overall design, propulsion system design, structural design, electrical system design, and ground testing and control systems, with most core systems and components being self-developed [5]. - The company has established a robust quality management and safety control system that encompasses the entire process from rocket design to launch [5]. Group 4: Product Development and Market Strategy - Xinghe Power has created a complete product matrix that covers various launch service scenarios, including commercial microsatellites and medium to large constellation launches, with its "Gushenxing-1" targeting the microsatellite market [5][6]. - The company is advancing its "Gushenxing-2" and "Zhishenxing" series rockets, which are set to enter critical phases of their first flights, aiming for commercial viability and mass production [6].