天仪研究院欲IPO 延续2025年的火热，商业航天企业2026年资本化步伐持续加速。2月2日，证监会官网显示，SAR卫星龙 头天仪空间科技股份有限公司（以下简称"天仪研究院"）启动上市辅导，欲冲击A股上市。政策与行业 双重驱动下，商业航天企业自2025年以来掀起了一波资本热潮，蓝箭航天、屹信航天、微纳星空等多家 商业火箭、商业卫星企业接连启动了上市辅导，有意进军资本市场。从目前来看，进展最快的系蓝箭航 天，公司科创板IPO已获得受理，并于今年1月进入了问询阶段。 累计将38颗卫星送入太空、21次太空任务发射成功，"押注"SAR卫星的天仪研究院也欲向A股市场发起 冲击。 据了解，天仪研究院是国内最早一批商业卫星公司之一，公司最初名称为"长沙天仪空间科技研究院有 限公司"，相比上市辅导名字"天仪空间科技股份有限公司"，市场最为熟知的还是天仪研究院，公司官 网目前还仍以天仪研究院为标志。 天仪研究院官网显示，公司是SAR卫星星座运营商，致力于提供极致性价比的SAR星座建设和SAR卫星 数据一体化服务。据上市辅导备案报告，公司成立于2015年5月18日，注册资本5000万元，法定代表人 为杨峰。 天仪研究院核心团队成 ...

Core Viewpoint - The Shanghai Stock Exchange has issued guidelines to support the listing of high-quality commercial rocket companies on the Sci-Tech Innovation Board, particularly those that have not yet achieved significant revenue, by refining the fifth set of listing standards for these companies [1][2]. Group 1: Business Scope and Technology Requirements - The guidelines specify that the main business scope for commercial rocket companies includes the independent research, development, manufacturing, and provision of space launch services, emphasizing the "hard technology" attributes of the issuer [1]. - Companies must demonstrate significant advantages or breakthroughs in key core technologies, focusing on the independent research and development of core technology products and key components, as well as advanced technical metrics such as payload capacity and multi-satellite launch capability [2]. Group 2: Milestones and Approvals - Commercial rocket companies must achieve at least one successful launch of a medium to large payload using reusable technology before applying, with no significant adverse technical issues affecting future launch tasks [2]. - Companies are required to possess relevant research and manufacturing qualifications and must obtain launch permits prior to commercial rocket launches [2]. Group 3: Industry Position and Market Space - The guidelines require that commercial rocket companies rank among the top in their field, hold an important position in the industry chain, and receive high recognition from relevant market entities, with investment from experienced professional institutions being a key consideration [2]. - The business or products of the issuer must have a clear target market, possess a first-mover advantage over competitors, and be ahead in terms of research and development progress and key indicators [2]. Group 4: Commercialization Arrangements - Issuers must establish clear and feasible commercialization plans for their commercial rocket business or products, ensuring that there are no significant adverse impacts on the expected commercialization of their main business or products [2].

Core Viewpoint - The Shanghai Stock Exchange emphasizes its mission to support the real economy and enhance its capacity to support technological innovation through the STAR Market, which has established inclusive listing standards for unprofitable companies [1][5]. Group 1: Listing Standards - The STAR Market has developed five sets of listing standards, with the second to fifth sets not imposing profit thresholds, thereby creating diverse pathways for unprofitable companies to access the capital market [1][2]. - The second to fourth sets of standards assess companies based on "revenue scale + R&D intensity," "revenue scale + cash flow," and "revenue scale + market capitalization," respectively, catering to hard technology enterprises with strong R&D capabilities [1][2]. - The fifth set of standards evaluates companies based on "market capitalization + stage of R&D achievements," allowing innovative firms with promising technologies but no commercialization to list [2]. Group 2: Performance of Unprofitable Companies - As of 2024, 54 unprofitable companies listed on the STAR Market achieved a total revenue of 1,745 billion, a 24% year-on-year increase, with 26 companies exceeding 100 million in revenue [3]. - These companies collectively reduced their net losses by 36% to 136 billion, with 22 companies achieving profitability and "delisting" from the unprofitable category [3]. - In the first half of 2025, these companies reported a total revenue of 999 billion, an 8% increase, and reduced net losses by 70% to 15 billion [3]. Group 3: Industry Highlights - Leading companies in the innovative drug sector, such as BeiGene and Baillie Gifford, have achieved significant sales milestones, with BeiGene's new drug generating over 10 billion in sales in just six months [4]. - In the semiconductor sector, companies like SMIC and Cambrian are breaking foreign monopolies and enhancing domestic capabilities in AI chip development [4]. - The STAR Market has facilitated the approval of 46 drugs/vaccines, with 20 new innovative drugs launched domestically, showcasing the rapid advancement of unprofitable companies towards commercialization [6]. Group 4: Policy Impact - The STAR Market's "1+6" policy framework aims to further support unprofitable companies by creating a "STAR Growth Layer" that focuses on emerging sectors like AI and commercial aerospace [6]. - Since the implementation of this policy, 15 new IPO applications have been accepted, including four from unprofitable companies, indicating a positive market response [6]. - Companies in the STAR Growth Layer reported a 38% year-on-year revenue growth and a significant reduction in net losses by 71 billion in the first half of 2025 [6]. Group 5: Future Outlook - The STAR Market is positioned to assist unprofitable hard technology companies in transitioning from research to market, reinforcing the importance of capital support for technological self-reliance [7].

Group 1 - The core viewpoint is that loss-making companies can now list on both the Sci-Tech Innovation Board and the ChiNext Board, expanding the scope of eligible industries beyond biomedicine to include artificial intelligence, commercial aerospace, and low-altitude economy [1][2] - The ChiNext Board has introduced a third set of standards that allows unprofitable innovative companies to go public, which is a significant shift in the listing criteria [2][3] - The first and second sets of standards on the ChiNext Board require profitability, while the third set allows for losses, focusing instead on revenue and market capitalization [3][4][5] Group 2 - The first set of standards on the ChiNext Board requires a minimum net profit of 60 million yuan in the most recent year and 40 million yuan in the previous year [3][7] - The second set of standards requires a minimum revenue and market capitalization, with no specific profit requirement [4][5] - The third set of standards does not require profitability but mandates a minimum revenue of 3 billion yuan and a market capitalization of 30 billion yuan, which is less stringent than the first set of standards on the Sci-Tech Innovation Board [5][6] Group 3 - The ChiNext Board is positioned to support growth-oriented innovative enterprises, focusing on the integration of traditional industries with new technologies and business models [10][13] - Companies seeking to list on the ChiNext Board must demonstrate a compound annual growth rate of at least 25% in revenue over the past three years if their most recent year's revenue is below 3 billion yuan [11] - Certain industries, such as traditional sectors and those with overcapacity, are prohibited from listing on the ChiNext Board, while companies that integrate with new technologies are encouraged [13][14] Group 4 - The ChiNext Board has specific requirements regarding equity ownership, ensuring that the issuer's shareholding is clear and free from significant disputes that could affect control [15] - Complex equity structures can lead to listing failures, even if financial performance meets the requirements [16][17] - The review of financial data spans three years, while equity issues are scrutinized indefinitely, highlighting the importance of clear ownership structures for successful listings [17][18]