58岁山西教授造火箭，公司已完成IPO辅导，估值超110亿

Core Viewpoint - Zhongke Aerospace has completed its IPO counseling acceptance, becoming one of the fastest commercial aerospace companies to proceed with an IPO in China [1][3]. Company Overview - Zhongke Aerospace, founded in December 2018 and headquartered in Guangzhou, focuses on the development of medium to large rockets, customized space launches, suborbital scientific experiments, and space tourism, with its main product being the "Lijian" series of launch vehicles [3]. - The controlling shareholder is Beijing Pengyi Junlian Space Technology Center (Limited Partnership), holding a 27.7476% stake, with the actual controller being the founder and chairman Yang Yiqiang [3]. - Yang Yiqiang, aged 58, previously served as the chief commander of China's first solid-fueled carrier rocket, Long March 11, and is currently a doctoral supervisor at the University of Chinese Academy of Sciences [3]. Financial Performance - Zhongke Aerospace has completed eight rounds of financing, with an estimated valuation of approximately 111 billion yuan as of August 2025 [5]. - In 2024, the company reported revenues of 243.27 million yuan and a net loss of 748.48 million yuan. For the first half of 2025, revenues were 36.24 million yuan with a net loss of 31.10 million yuan [5][6]. - As of June 30, 2025, total assets were 2.07 billion yuan, total liabilities were 1.27 billion yuan, and owner's equity was 800.51 million yuan [6]. Industry Context - The number of commercial aerospace companies in China has exceeded 600, covering the entire industry chain from rocket development to satellite manufacturing and application services [7]. - The market size of China's commercial aerospace sector has grown from 1.02 trillion yuan in 2020 to an estimated 2.34 trillion yuan in 2024, with a compound annual growth rate of 23.5%. It is projected to reach between 7 trillion and 10 trillion yuan by 2030, driven by the explosion of demand for satellite internet and continuous policy support [7].