日前，证监会公开发行辅导公示系统显示，中科宇航技术股份有限公司（以下简称为"中科宇航"）于近日完成IPO辅导工 作。 上市辅导工作完成报告显示，经辅导，国泰海通证券认为，辅导对象具备成为上市公司应有的公司治理结构、会计基础工 作、内部控制制度，并充分了解多层次资本市场各板块的特点和属性；辅导对象及其董事、高级管理人员、持有百分之五 以上股份的股东和实际控制人（或其法定代表人）已全面掌握发行上市、规范运作等方面的法律法规和规则，知悉信息披 露和履行承诺等方面的责任和义务，树立了进入证券市场的诚信意识、自律意识和法治意识。 证监会官网显示，2025年8月12日，中科宇航在广东证监局办理辅导备案登记，拟申请首次公开发行股票并上市，辅导机构 为国泰海通证券。 此前，蓝箭航天IPO消息一度引爆资本市场。据证监会官网，蓝箭航天于2025年7月底完成辅导备案，同年12月底通过辅导 验收，且已获上交所受理。 中科宇航也成为继蓝箭航天后，又一家拟IPO的商业航天企业。 ...

Core Points - China Long March Rocket Co., Ltd. is seeking financing, with a total fundraising amount to be formally disclosed by November 5 [1] - The company was established in 1998 with a registered capital of 219 million yuan and serves as a commercial rocket launch platform under China Aerospace Science and Technology Corporation [1] - In 2024, China is expected to conduct 68 space launches, accounting for approximately 25.8% of global orbital rocket launches, with Long March rockets being the backbone of this effort [1] Financial Performance - Long March Rocket's revenue for 2022, 2023, and 2024 is projected to be 379 million yuan, 510 million yuan, and 598 million yuan respectively, while net profits for the same years are 10.49 million yuan, 16.73 million yuan, and a loss of 68.31 million yuan [2] - As of the end of 2024, the company's total assets are expected to be 1.292 billion yuan, with total equity at 435 million yuan [2] Industry Context - The commercial space sector in China is experiencing significant capital interest, with total financing exceeding 20 billion yuan in 2024, marking a historical high [2] - Notable recent financing events include Starship Glory's 700 million yuan in D+ round funding and Star River Power's 2.4 billion yuan in D round funding [2] - The Aerospace Science and Industry Corporation is also undergoing changes, with a 30.66% stake in Aerospace Science and Industry Rocket being put up for transfer, indicating potential shifts in control [3]

Core Viewpoint - The capitalization process in China's commercial aerospace sector is accelerating, highlighted by Beijing Xingji Glory Space Technology Co., Ltd. completing a D+ round financing of 700 million RMB, aimed at enhancing its core rocket product development and production capabilities [2][4]. Funding Allocation - The newly injected funds will focus on three main areas: the continued research and testing of the "Double Curve No. 3" reusable liquid rocket, the construction of a production base in Chengdu, and the establishment of an engine production line in Mianyang [2][3]. - The Chengdu production base project has a total investment exceeding 3 billion RMB and aims to achieve an annual production capacity of 20 rockets once operational [2]. Product Development - The "Double Curve No. 3" rocket is designed to compete with SpaceX's Falcon 9, targeting high-frequency, low-cost launch services for future low-orbit satellite constellations in China [3]. - The first flight test of the "Double Curve No. 3" is scheduled for the end of 2025, aiming to complete a full process verification including "orbital insertion + sea recovery" [3]. Market Demand - There is a significant demand for launch capacity driven by large satellite constellation plans, such as the "G60 Thousand Sails Constellation" and "GW Constellation," which together plan to launch over 20,000 satellites [4]. - The current supply-demand imbalance in the market has led to instances where launch service procurements have failed due to insufficient qualified suppliers [4]. Industry Trends - The company is in the process of preparing for an IPO on the Sci-Tech Innovation Board, reflecting a broader trend of commercial aerospace companies seeking to enter capital markets [4][5]. - The recent regulatory changes have opened new pathways for commercial aerospace firms to list, with several companies already in the IPO preparation phase [5]. Future Outlook - As more commercial aerospace companies successfully enter the capital market, the competitive landscape and development models within the industry are expected to be reshaped, facilitating larger production scales and reduced launch costs [6].