2025年，是中华民族发展史上浓墨重彩的一笔。党的二十届四中全会的胜利召开，科学谋划了未来五年 我国经济社会发展的目标任务与战略部署，为扎实推进中国式现代化提供了科学的行动纲领。从1953年 开始的"一五"到"五五"，我国已经编制实施了14个五年规划，有力推动了经济社会发展、综合国力提 升、人民生活改善，创造了世所罕见的经济快速发展奇迹和社会长期稳定奇迹。 （来源：劳动午报） 转自：劳动午报 有人守望团圆，有人奔赴前路。当一轮红日从地平线上缓缓升起，我们满怀着丰收的喜悦，挥手告别辉 煌的2025，迎接崭新的2026。 2025年，我国量子计算、能源储能、人工智能、生物医学等前沿领域取得重大突破，涵盖EAST装置、 嫦娥六号采样、祖冲之三号量子计算机等标志性成果，为全球科技发展贡献"中国方案"；退休人员基本 养老金自2005年以来连续第21年上涨；从2025年秋季学期起，免除公办幼儿园大班儿童的保育教育费， 民办幼儿园参照公办标准减免；2025年新生儿补贴实行全国普惠式育儿补贴政策，符合法规生育的3周 岁以下婴幼儿家庭每年可领3600元……一系列惠民政策，让老百姓的日子越过越有劲头了。 "春风浩荡满目新，征衣未 ...

Core Viewpoint - Blue Arrow Aerospace, a leading private rocket company in China, has initiated the IPO process on the Sci-Tech Innovation Board despite incurring losses exceeding 1 billion yuan for two consecutive years, reflecting the typical characteristics of the commercial aerospace industry, which includes high costs, high risks, and long cycles [1][6][10] Company Overview - Blue Arrow Aerospace was established on June 1, 2015, with a registered capital of 360 million yuan, and is recognized as one of the earliest private rocket enterprises in China to obtain all industry access qualifications [1] - The company focuses on developing a full industrial chain centered around medium and large liquid oxygen-methane launch vehicles, providing high-cost performance and reliable aerospace transportation services [1] Financial Performance - The company reported net losses of 1.177 billion yuan in 2023 and 1.015 billion yuan in 2024, with net assets of 2.495 billion yuan and 3.916 billion yuan respectively [6] - Blue Arrow Aerospace has raised several rounds of financing, totaling several billion yuan, with significant investments from various venture capital firms, including a notable 900 million yuan investment from the National Manufacturing Transformation and Upgrade Fund in December 2024 [4][5] Market Position and Valuation - The company is currently valued at approximately 11.796 billion yuan based on recent transactions, and it was listed as the 418th unicorn globally with a valuation of 20 billion yuan by Hurun Research Institute [5] - Blue Arrow Aerospace is seen as a strong contender for being the first commercial aerospace company to list on the Sci-Tech Innovation Board following the expansion of the fifth set of listing standards [10] Industry Context - The commercial aerospace industry in China is entering a critical phase with increasing demand for satellite launches as large satellite constellations are set to be deployed [8][9] - The company has developed the Zhuque-2 rocket, which successfully completed its mission, and plans to deliver six Zhuque-2 rockets and execute three missions with the Zhuque-3 rocket by 2025 [7][8] Regulatory Environment - The recent reforms in the Sci-Tech Innovation Board have lowered the profitability requirements for companies, providing a breakthrough opportunity for commercial aerospace firms like Blue Arrow Aerospace to pursue IPOs [10] - The company is the first to initiate an IPO under the newly expanded fifth set of listing standards, which aims to support emerging industries and future technologies [10]