2025年6月20日，朱雀三号可重复使用火箭一级动力系统试车点火现场。 新华社发 "我们用十年的时间，从一份PPT到一枚枚火箭矗立在发射台；从被质疑是'骗局'，到成为中国商业航天 的拓荒者。"在长达数百页的招股书中，蓝箭航天用一段感性文字，回顾了其自2015年成立以来的十年 征途。 2025年的最后一天，这段征途迎来一个关键节点。上交所官网显示，蓝箭航天科创板IPO申请正式获受 理。这家身披"中国版SpaceX"光环的企业，拟募资75亿元，但在临门一脚之际，蓝箭航天迎来新的考 验。 2026年1月5日晚，中国证券业协会官网发布了"2026年第一批首发企业现场检查抽查名单"，蓝箭航天在 列。根据监管规定，被抽中现场检查的企业，其财务真实性、内控规范性以及信息披露质量将接受监管 层更为严格的核查。 对此，正悦投资的投资副总监何艺娟在接受南都湾财社记者采访时表示，被抽中现场检查最大的影响可 能是上市进程会延后，但大概率不会影响最终的上市结果。 股东 "80后"金融人跨界掌舵 作为一家硬核科技企业，蓝箭航天的掌舵者张昌武却拥有一份金融履历，这在以技术派为主导的航天创 业圈中显得十分独特。 招股书披露，张昌武出生于19 ...

时隔多年，今天早盘，上证指数再度站上4100点。 上证指数上一次"见到"4100点，还是在2015年7月24日。截至发稿时，上证指数上涨0.56%，报4105.98点；深证成指上涨0.84%，创业板指上涨0.07%。 商业航天板块大涨，富士达、邵阳液压等个股大涨。 1月7日，中国首个海上回收复用火箭产能基地在杭州市钱塘区开工。项目总投资52亿元，建成后预计将具备年产25发火箭的规模化制造能力，并满足火箭 回收后快速检测、维修与复用的条件。 此外，近日，广州市人民政府办公厅印发《广州市加快建设先进制造业强市规划（2024—2035年）》，在运载火箭方面，聚焦攻关可重复使用火箭技术， 依托从化商业火箭液体动力系统试验中心及总装测试产业化基地，为中大型液体火箭研制提供坚实基础，未来将面向全国科研院所、企业和高校等开放共 享。推动南沙中科宇航液体火箭总装测试基地建设和黄埔星河动力火箭总装基地尽快落地，研发大推力、可复用液体火箭，打造低成本、高密度的航天发 射能力。 多元金融板块中，鲁信创投、越秀资本等个股大涨。 盘面上，AI应用、商业航天、多元金融等板块大涨。AI应用中，"AI+医生"、Sora概念、智谱AI等板块涨 ...

【市场数据】 截至1月8日收盘，上证综指跌0.07%，报4082.98点；科创50指数涨0.82%，报1455.17点；深证成指跌 0.51%，报13959.48点；创业板指跌0.82%，报3302.31点。 纽约股市三大股指8日涨跌不一。截至当天收盘，道琼斯工业平均指数比前一交易日上涨270.03点，收 于49266.11点，涨幅为0.55%；标准普尔500种股票指数上涨0.53点，收于6921.46点，涨幅为0.01%；纳 斯达克综合指数下跌104.26点，收于23480.02点，跌幅为0.44%。 国际油价8日显著上涨。截至当天收盘，纽约商品交易所2月交货的轻质原油期货价格上涨1.77美元，收 于每桶57.76美元，涨幅为3.16%；3月交货的伦敦布伦特原油期货价格上涨2.03美元，收于每桶61.99美 元，涨幅为3.39%。 【财经要闻】 1、据新华社，商务部8日举行例行新闻发布会，商务部新闻发言人何亚东在回应有关审查Meta收购人 工智能平台Manus的提问时说，中国政府一贯支持企业依法依规开展互利共赢的跨国经营与国际技术合 作。需要说明的是，企业从事对外投资、技术出口、数据出境、跨境并购等活动，须 ...

每经AI快讯，1月8日，广州市人民政府办公厅印发广州市加快建设先进制造业强市规划(2024—2035 年)。规划指出，聚焦攻关可重复使用火箭技术，依托从化商业火箭液体动力系统试验中心及总装测试 产业化基地，为中大型液体火箭研制提供坚实基础，未来将面向全国科研院所、企业和高校等开放共 享。推动南沙中科宇航液体火箭总装测试基地建设和黄埔星河动力火箭总装基地尽快落地，研发大推 力、可复用液体火箭，打造低成本、高密度的航天发射能力。 ...

以下文章来源于搜狐财经 ，作者梁昌均 郑松毅 商业航天第一股启动！ 不久前完成朱雀三号发射上天的蓝箭航天，近日获得科创板受理。该公司计划发行不低于4000万股，募资75亿元。按此计算，发行市值将达750亿元。 蓝箭航天正以马斯克旗下航天公司SpaceX为对标，在液氧甲烷可回收火箭赛道上力争实现关键突破。 招股书显示，蓝箭航天自2022年底以来进行了七次发射，其中五次发射成功。 目前商业化回报还不够高，最近三年半合计营收略超4500万元，累亏则近35 亿元。 随着产业和资本政策的支持，中国商业航天有望进入新的加速发展期。蓝箭航天已就可重复回收技术进行尝试，而更多的商业航天企业也在集体冲刺上市。 三年发射7次、成功5次， 朱雀三号刚完成首飞 搜狐财经 . 搜狐财经官方账号。我们致力于提供独家、深度的公司报道。 "国产猎鹰9号"挑战马斯克。 文 ｜ 梁昌均 郑松毅 编辑 ｜ 杨锦 来源｜ 搜狐财经（ID： sohucaijing2016 ） 封面来源 ｜ Unsplash 蓝箭航天成立于2015年，主要从事液氧甲烷发动机及运载火箭的研发、生产并提供商业航天火箭发射服务，自主研发了"朱雀"系列液氧甲烷运载火箭，主要 ...

Summary of Conference Call Records Company and Industry Overview - **Company**: 中航西飞 (AVIC Xi'an Aircraft Industry Group) - **Industry**: Aerospace and Defense, specifically focusing on military and commercial aircraft, as well as satellite manufacturing and launch services Key Points and Arguments AVIC Xi'an Aircraft Industry Group - The procurement cost of China's next-generation stealth bomber, if comparable to the US B21 (approximately $69.2 billion), would significantly boost AVIC Xi'an's revenue and enhance China's strategic bombing capabilities [2][3] - The Y-20 transport aircraft is competitive in the global market, with only the US C-17 and Russia's Il-76 as competitors in the 200-ton maximum takeoff weight category. The C-17 has been out of production since 2015, and the Il-76 is in low-rate production, while the Y-20 is in normal production, indicating its potential in international markets [2][3] - AVIC Xi'an is actively expanding its drone business, having signed a letter of intent for 50 units of the HHE100 commercial drone with ZTO Express and a cooperation framework agreement with the Postal Science Research Institute, indicating a move into the low-altitude economy sector [2][4] Blue Arrow Aerospace - Blue Arrow Aerospace's IPO on the Sci-Tech Innovation Board has been accepted, aiming to raise 7.5 billion yuan, primarily for the research and production of liquid oxygen-methane engines and launch services for commercial rockets [2][5] - The successful launch of the Zhuque-3 reusable rocket in December 2025, despite the first stage not being recovered, lays the groundwork for future reusable rocket technology [2][5] - In the first half of 2025, Blue Arrow reported revenue of 36.43 million yuan but incurred a net loss of 597 million yuan, indicating a phase of high R&D investment [2][5] - The Shanghai Stock Exchange has issued guidelines to support the listing of large launch vehicle companies that utilize reusable technology, with at least 10 commercial space companies, including Blue Arrow, in the IPO process [2][5] Chinese Commercial Satellite Market - The Chinese commercial satellite manufacturing and launch market is projected to be robust, with multiple companies establishing satellite manufacturing facilities capable of producing 200 to 500 satellites annually [2][6] - By the end of 2030, the number of satellites awaiting launch in China is expected to exceed 21,000, with demand for over 15,000 satellites anticipated between 2030 and 2035, highlighting significant growth potential in the coming years [2][6] - The successful development of reusable rocket technology is expected to significantly reduce the cost of launching low-orbit satellites, facilitating rapid mass production and economies of scale in the commercial satellite sector [2][6] Additional Important Information - The anticipated increase in rocket launches in 2026, with over 100 launches expected, marks a critical period for the rapid development of domestic commercial space endeavors [2][5] - The global interest in commercial space exploration is underscored by SpaceX's plans for an IPO in 2026, potentially valued at $800 billion or more, reflecting high investment enthusiasm in the sector [2][6]

Core Viewpoint - Blue Arrow Aerospace has been selected for on-site inspection as part of the first batch of companies for initial public offering (IPO) checks in 2026, indicating regulatory scrutiny as it moves towards its IPO [1] Company Overview - Blue Arrow Aerospace, founded in 2015 and headquartered in Beijing, focuses on the research, development, and production of liquid oxygen-methane engines and launch vehicles, aiming to establish a comprehensive aerospace technology ecosystem [3] - The company plans to raise 7.5 billion yuan through its IPO, with funds allocated for enhancing reusable rocket production and technology [4][5] Financial Performance - Blue Arrow Aerospace reported revenues of 780,000 yuan, 3.95 million yuan, 4.27 million yuan, and 36.43 million yuan for the years 2022 to the first half of 2025, respectively, while incurring net losses of 800 million yuan, 1.188 billion yuan, 876 million yuan, and 597 million yuan during the same period [3] - The company has maintained high R&D expenditures, totaling approximately 2.29 billion yuan over three and a half years [3] IPO Process - As of December 31, 2025, Blue Arrow Aerospace's IPO status was changed to "accepted" by the Shanghai Stock Exchange, with China International Capital Corporation (CICC) as the sponsor [2] - The company signed a counseling agreement with CICC on July 25, 2025, and received acceptance for its counseling filing on July 29, 2025 [2] Industry Context - Blue Arrow Aerospace is among five domestic commercial aerospace companies focused on launch vehicles that have initiated IPO processes, indicating a competitive landscape in the commercial space sector [6] - The China Securities Regulatory Commission (CSRC) conducts on-site inspections to ensure compliance with IPO requirements, enhancing the quality of information disclosure by companies [6]

Core Viewpoint - Blue Arrow Aerospace's IPO application has been accepted, marking a significant step towards becoming China's first commercial rocket company listed on the stock market [1][5]. Group 1: IPO Details - 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 [3]. - The IPO process has progressed rapidly, taking only five months from the start of guidance to acceptance [5]. - The company has been selected for a site inspection by the China Securities Association, which may impact its IPO timeline [5]. Group 2: Company Background - Blue Arrow Aerospace was founded in 2015 by Zhang Changwu, who has a background in finance, marking a departure from the typical model of aerospace research institutions [7]. - The company has faced challenges during its initial years due to a lack of industry infrastructure and a complex supply chain [8]. Group 3: Technological Advancements - Blue Arrow has developed a competitive edge in the liquid oxygen-methane rocket sector, which significantly reduces launch costs [9]. - The company successfully tested its 80-ton liquid oxygen-methane engine in May 2019, becoming the third in the world to complete full-system testing of a large thrust liquid oxygen-methane rocket engine [9]. Group 4: Financial Performance - Blue Arrow Aerospace has reported significant losses due to high R&D expenditures, with cumulative losses reaching 3.8 billion yuan over three and a half years [13]. - The company’s revenue from 2022 to 2025 is projected to be minimal compared to its R&D costs, which are expected to remain high as it seeks to maintain technological leadership [14]. Group 5: Market Position and Future Prospects - The company aims to capitalize on the growing demand for satellite internet services, with plans to establish production and testing bases in various locations [15]. - Blue Arrow has secured contracts with Chinese Star Network and Yuanxin Satellite for launch services, indicating its role as a key supplier in the market [15][16]. Group 6: Investment and Valuation - Blue Arrow Aerospace has attracted significant investment from various venture capital firms, with a valuation exceeding 20 billion yuan [18]. - The company has seen a shift in its funding sources from purely financial investments to strategic industrial investments, indicating strong market confidence [20][21]. Group 7: A-Share Market Impact - The acceptance of Blue Arrow's IPO has led to a surge in stock prices for several A-share companies that have invested in it, reflecting the market's optimism about the commercial aerospace sector [1][22]. - Multiple A-share companies have disclosed their investments in Blue Arrow, with varying degrees of ownership, indicating a broad interest in the company's potential [23][24].

Core Viewpoint - Blue Arrow Aerospace Technology Co., Ltd. has received acceptance for its IPO on the Sci-Tech Innovation Board, marking it as the first commercial rocket company to achieve this under the new listing rules [1][15]. Group 1: Company Overview - The company aims to build a full industrial chain centered on medium and large reusable liquid oxygen-methane launch vehicles, focusing on R&D, manufacturing, testing, and launching [1][16]. - Founded in June 2015 and transformed into a joint-stock company in March 2019, Blue Arrow Aerospace is headquartered in Beijing with a registered capital of 360 million yuan [1][16]. - The company has become a leading commercial aerospace enterprise in China, specializing in the R&D and production of liquid oxygen-methane engines and launch vehicles, and providing commercial launch services [1][16]. Group 2: Product Development - The Zhuque-2 series medium liquid oxygen-methane launch vehicle is the first liquid-fueled rocket in China's private commercial aerospace sector to enter mass production and commercial use [2][17]. - The Zhuque-3 medium-large reusable launch vehicle successfully completed its maiden flight and entered orbit, becoming China's first reusable rocket to achieve this milestone [2][17]. - The company has established intelligent manufacturing bases in Huzhou, Jiaxing, and Wuxi, and has produced over 140 units of its independently developed "Tianque" series liquid oxygen-methane engines [2][17]. Group 3: Financial Performance - The company has not yet achieved profitability, with reported revenues of 780,000 yuan, 3.95 million yuan, 4.28 million yuan, and 36.43 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [3][18]. - The net losses for the same periods were -80.37 million yuan, -118.75 million yuan, -87.59 million yuan, and -59.65 million yuan [3][18]. - The company has maintained high R&D expenditures, with amounts of 487.22 million yuan, 830.43 million yuan, 612.56 million yuan, and 359.59 million yuan over the same periods [3][18]. Group 4: R&D and Innovation - Cumulatively, the company has invested 2.2898 billion yuan in R&D from 2022 to the first half of 2025, with R&D personnel accounting for 32.98% of the total workforce as of December 31, 2024 [5][19]. - The company holds 267 patents related to liquid-fueled rockets that are applicable to its main business and can be industrialized [5][19]. Group 5: IPO Fund Utilization - The IPO aims to raise 7.5 billion yuan, which will be allocated to two projects: enhancing the production capacity of reusable rockets and improving reusable rocket technology [15][29].

有望成为"科创板商业航天第一股"。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，蓝箭航天空间科技股份有限公司（以下简称"蓝箭航天"）的科创板IPO申请于 2025年12月31日获受理，中金公司担任保荐人。 这意味着着，蓝箭航天有望成为"科创板商业航天第一股"。 成立于2015年的蓝箭航天作为一家商业航天企业，主要从事液氧甲烷发动机及运载火箭的研发、生 产并提供商业航天火箭发射服务，致力于构建以中大型可重复使用液氧甲烷运载火箭为核心的"研 发、制造、试验、发射"全产业链条，打造航天领域的科技综合体，成为世界一流商业航天企业。 作为国内液氧甲烷火箭研制先行者和引领者，蓝箭航天是全国较早取得全部准入资质、基于自研液体 燃料发动机实现成功入轨的商业运载火箭企业，并于 2023 年7月实现全球首枚液氧甲烷火箭成功入 轨，于2025年12月实现中国首枚液氧甲烷可重复使用火箭成功入轨。 在商业化方面。 蓝箭航天朱雀二号运载火箭尚处商业化发射初期，分别于2023 年12月和2025年5 月搭载单位D的卫星载荷成功入轨，实现火箭发射服务收入228.75万元和3, ...