蓝箭航天冲刺科创板：拟募集75亿元，2025年上半年火箭发射贡献0.36亿元收入

Core Viewpoint - Blue Arrow Aerospace is expected to become the "first commercial aerospace stock on the Sci-Tech Innovation Board" following its IPO application acceptance on December 31, 2025 [3][4]. Group 1: Company Overview - Founded in 2015, Blue Arrow Aerospace focuses on the research, development, and production of liquid oxygen-methane engines and launch vehicles, aiming to create a comprehensive aerospace technology ecosystem [4]. - As a pioneer in liquid oxygen-methane rocket development in China, Blue Arrow Aerospace successfully launched the world's first liquid oxygen-methane rocket into orbit in July 2023 and plans to achieve the first reusable liquid oxygen-methane rocket launch in China by December 2025 [5]. Group 2: Achievements and Milestones - Between 2022 and mid-2025, Blue Arrow Aerospace successfully executed four liquid fuel rocket launch missions, with the Zhuque-2 rocket becoming the first liquid fuel rocket in China to enter mass production and commercial use [5]. - The Zhuque-3 rocket has completed vertical takeoff and landing tests, with the first launch scheduled for December 2025, marking a significant advancement in the industry [5]. Group 3: Commercialization and Revenue - The Zhuque-2 rocket has successfully launched 11 satellites for commercial satellite companies, generating revenue of 2.2875 million yuan and 35.69 million yuan from two successful missions [7]. - Blue Arrow Aerospace has secured contracts with major clients, including China Star Network and Yuanxin Satellite, to provide launch services for significant satellite constellations [6]. Group 4: Technological Capabilities - The company has established a comprehensive delivery capability and an independent technology system, holding 802 domestic patents, including 274 invention patents, and participating in the formulation of four national standards [7]. - As of June 30, 2025, Blue Arrow Aerospace has a research and development team of 404 personnel, accounting for 33.28% of its workforce, covering various rocket subsystems [7]. Group 5: Financial Plans - Blue Arrow Aerospace plans to raise 7.5 billion yuan through its IPO, with 2.77 billion yuan allocated for enhancing reusable rocket production capacity and 4.73 billion yuan for improving reusable rocket technology [9].