Core Insights - The Chinese space tourism industry is rapidly developing and is recognized as a highly potential new sector within the aerospace industry, with a market size projected to reach approximately 3.25 million yuan in 2024, reflecting a year-on-year growth of 5.52% [1][7] - The industry is supported by strong government policies, including the 2021 white paper on China's space development and the 2024 Beijing action plan aimed at accelerating commercial space innovation [1][7] - Technological advancements, particularly in reusable rocket technology, are significantly reducing operational costs, enhancing economic efficiency, and promoting commercialization within the space tourism sector [1][7] Industry Overview - Space tourism involves non-professional astronauts engaging in activities for entertainment, sightseeing, or research purposes, typically reaching altitudes above 100 kilometers [2] - The industry is categorized into three main types: suborbital flights, orbital flights, and deep space travel [2] Industry Development History - The Chinese space tourism industry has evolved through three phases: the exploratory phase (2003-2015), the accumulation phase (2016-2023), and the rapid development phase (2024-present) [4] - Key milestones include the successful launches of Shenzhou spacecraft and the introduction of supportive policies for space tourism [4] Industry Value Chain - The upstream of the space tourism industry includes rocket and spacecraft manufacturing, launch services, and ground support facilities [6] - The midstream focuses on space tourism operational services, while the downstream primarily consists of tourists [6] - The target consumer groups include high-net-worth individuals, technology enthusiasts, adventurers, and social media influencers, each with distinct motivations and preferences [6] Market Size - The market size for China's space tourism is projected to reach approximately 3.25 million yuan in 2024, with a growth rate of 5.52% [1][7] - The high entry barriers for consumers include significant financial costs, health and physiological requirements, and time commitments for training and preparation [8] Competitive Landscape - Companies like China Aerospace Science and Technology Corporation and Deep Blue Aerospace are leading in technology development and spacecraft manufacturing [9] - Notable projects include the successful launches of the "Li Jian" rocket by China Aerospace and the rapid sale of suborbital flight tickets by Deep Blue Aerospace [9] Industry Development Trends - Technological advancements are expected to drive significant cost reductions and enhance the overall experience of space tourism [10] - The market is anticipated to diversify, targeting a broader range of consumer groups beyond high-net-worth individuals [11] - Continued government support and policy initiatives are likely to accelerate the global integration of the industry and foster collaborations with other sectors such as tourism, AI, and 5G [12]

Core Viewpoint - Zhongke Aerospace Technology Co., Ltd. has initiated the listing guidance process, with Guotai Junan Securities as the advisory institution, indicating a move towards public offering in the commercial aerospace sector [1][2]. Company Overview - Zhongke Aerospace was established on December 19, 2018, with a registered capital of 360,000 yuan and is headquartered in Nansha District, Guangzhou [2]. - The controlling shareholder is Beijing Pengyi Junlian Space Technology Center (Limited Partnership), holding a 27.7476% stake [2]. - The company operates in the commercial aerospace industry, focusing on the development of medium to large rockets, customized space launches, suborbital scientific experiments, and space tourism [2]. Product Information - The main product line includes the "Lijian" series of launch vehicles, with Lijian-1 being a medium solid-fuel rocket designed for launching small to medium-sized spacecraft into sun-synchronous and other near-Earth orbits [3]. - Lijian-1 has been launched five times, successfully deploying a total of 57 satellites [3]. - Other products under development include Lijian-2, Lijian-3, and suborbital vehicles [3]. Market Position - As of June 26, 2023, Zhongke Aerospace has an estimated valuation of 11 billion yuan, ranking 807th on the 2025 Global Unicorn List [5]. - The commercial aerospace sector is witnessing increased activity, with multiple companies, including Yixin Aerospace and Blue Arrow Aerospace, also initiating IPO guidance [5][6].