吴世春：星河动力，从一张图纸到160亿估值的商业奇迹

Core Insights - The article emphasizes the importance of believing in and supporting innovative projects, particularly in the commercial aerospace sector, as exemplified by the success story of Xinghe Power [1][30]. Group 1: Investment Philosophy - Investment is fundamentally about people, and the commitment to a project is crucial, as demonstrated by the founders of Xinghe Power who had relevant experience and a strong determination to succeed [8][9]. - The investment journey is characterized by long-term commitment, with the company having supported Xinghe Power through multiple funding rounds from 2017 to 2025, culminating in a D round valuation of 24 billion [18][28]. Group 2: Company Development - Xinghe Power started as a "three-no" company (no company, no product, no revenue) but has evolved into a significant player in the commercial aerospace industry, drawing parallels to SpaceX [6][10]. - The company successfully launched its "Vesta-1" rocket and has developed the reusable "Cangqiong-50" engine, marking it as the first domestic commercial rocket company to achieve a closed-loop business model [24][25]. Group 3: Market Potential - The commercial aerospace sector is highlighted as a lucrative field, with Xinghe Power having launched 85 satellites and achieving a valuation increase to between 150 billion and 160 billion [25][20]. - The article notes that the success of top projects in this sector often leads to significant funding opportunities, reinforcing the attractiveness of commercial aerospace investments [20][26]. Group 4: Future Outlook - Xinghe Power is preparing for an IPO, which could position it as the first publicly listed commercial aerospace company in China, showcasing the growth potential within the industry [28]. - The article concludes with a call for collaboration and investment in promising projects, indicating a proactive approach to fostering innovation in the technology and manufacturing sectors [36][38].