10月17日，证监会官网披露，江苏天兵航天科技股份有限公司（以下简称"天兵科技"）已正式报送上市 辅导备案，辅导机构为中信建投证券股份有限公司。作为我国商业航天领域率先布局新一代液体火箭发 动机和中大型液体运载火箭的头部企业，天兵科技此举标志着国内商业航天在市场化、规模化发展上迈 出关键一步。 技术突破奠定商业化基础 2025年9月15日，天兵科技在山东海阳东方航天港成功完成天龙三号大型液体运载火箭一级动力系统全 系统海上试车，创下国内商业航天液体火箭发动机推力新纪录。这也是我国商业航天首次实施海上热试 车，标志着国产商业火箭已初步具备"一箭多星"批量发射的工程能力，为天龙三号年底前实现首飞及后 续规模化商业应用打下坚实基础。 就在启动上市辅导前，天兵科技刚刚完成Pre-D轮和D轮合计近25亿元人民币融资，投资方包括国裕高 华、济钢集团、东方资产、申万投资、中银资产等多家知名机构。本轮融资将主要用于火箭批产的备产 备料、新一代发动机与火箭的研制。 目前，天兵科技已构建起覆盖从火箭自研、规模制造到专属发射工位的全产业链布局，形成以北京火箭 研发中心、西安动力研发中心、河南火箭发动机智造及动力试验中心、苏州火箭智 ...

Core Insights - The successful launch of the sixth satellite of the Geely Constellation marks the completion of the first phase of the satellite network, enabling real-time satellite communication for 20 million global users, including 5 million high-frequency users [1] - Wang Yang, the founder and CEO of Time Space Path, is a pivotal figure in China's commercial space industry, having established the first commercial space company in China and emphasizing the importance of market-oriented approaches in satellite technology [3][4] - The completion of the Geely Constellation network signifies a major milestone for China's commercial space sector, allowing satellite technology to serve the public effectively [11][16] Company Overview - Time Space Path, under Wang Yang's leadership, has developed a unique business model that integrates aerospace, automotive, and telecommunications, focusing on making satellite technology accessible to everyone [11][19] - The company has established a satellite super factory in Taizhou, Zhejiang, which is the world's first facility to combine aerospace manufacturing with automotive production, achieving breakthroughs in standardization, automation, and supply chain integration [9][14] - Time Space Path's satellite communication technology has been integrated into various Geely models, enabling satellite phone capabilities and high-precision positioning services, which enhance the functionality of smart vehicles [11][12] Industry Context - The commercial space industry in China is at a critical juncture, with Time Space Path positioned to capitalize on the opportunity to leapfrog competitors by addressing cost and reliability issues in satellite production [4][8] - The company's approach mirrors the rapid growth of China's electric vehicle sector, which has successfully redefined the automotive landscape through innovative manufacturing and technology strategies [18] - Time Space Path aims to create a global satellite communication network, collaborating with operators in regions such as the Middle East, Africa, Southeast Asia, Central Asia, and Latin America to expand its service offerings [18][19]