1月22日，蓝箭航天科创板IPO进入"已问询"状态。几天前，中科宇航IPO辅导已验收，星河动力、天兵 科技、星际荣耀密集更新IPO辅导进展。至此，"中国版SpaceX"阵营开启"第一股"争夺战。 最新消息显示，SpaceX目标是在今年7月前完成IPO，公司正在物色投资银行。一场贯穿技术、资本与 战略资源的太空竞赛，已悄然升温。 上市进程：五企竞速，蓝箭先一步被问询 目前，五家中国商业航天企业虽同处IPO赛道，但竞跑节奏已明显分化。其中，蓝箭航天凭借最快的推 进速度，暂时领跑这场"商业航天第一股"的争夺战。 值得一提的是，在蓝箭航天递交招股书前，发生多次股份转让和增资，亦有股东清仓撤退。 比如，招股书显示，2025年12月8日，上海科慧分别与诺瓦星云、吴玉培、简江签署《股份转让协议》 约定，将其所持蓝箭航天股份全部转让给后者，共计套现2.61亿元。 其冲刺背后，直接受益于科创板的制度创新。2025年6月，科创板"第五套上市标准"适用范围拓宽至商 业航天等前沿科技领域，为尚未盈利但技术领先的企业打开了资本市场大门。 政策东风之下，蓝箭航天迅速响应，于次月启动辅导备案，仅用5个月便完成验收，速度甚至超过了此 前备受 ...

Group 1 - The private commercial launch vehicle "Vesta II" experienced a flight anomaly during its first test mission on January 17, 2023, at 12:08 PM, with the specific cause currently under analysis [1] - Beijing Xinghe Power Aerospace Technology Co., Ltd. (Xinghe Power) issued an apology to all parties involved and expressed commitment to thoroughly investigate the failure and ensure the success of future launches [2] - Xinghe Power was established in 2018, with core products including the "Zhishenxing" series of medium to large reusable liquid launch vehicles and the "Vesta" series of small solid launch vehicles, covering payload capacities from 300 kg to 58 tons [2] Group 2 - As of now, Xinghe Power has completed 10 rounds of financing, with a valuation of approximately 15 billion yuan, and has submitted an IPO counseling record in October 2025 [2] - The "Vesta I" sea launch variant has successfully completed six sea launch missions since its first flight on September 5, 2023, with the latest mission on January 16, 2023, marking the 21st successful launch for Xinghe Power, delivering a total of 89 commercial satellites into their designated orbits [4]

据新华社消息，1月17日12时08分，谷神星二号民营商业运载火箭在酒泉卫星发射中心点火升空，火箭 飞行异常，首次飞行试验任务失利。 17日下午，星河动力航天发布情况说明，全文如下： 1月17日12时08分，谷神星二号民营商业运载火箭在酒泉卫星发射中心点火升空，火箭飞行异常，首次 飞行试验任务失利。具体原因正在进一步分析排查。 在此，我们向本次任务的参与各方及所有关心和支持星河动力航天的领导朋友们致以最诚挚的歉意。我 们将始终怀揣对航天技术的敬畏之心，全力查明故障原因，认真严谨组织谷神星二号的归零与复飞工 作，确保后续发射任务的圆满成功。 公司估值超150亿元 据星河动力航天官网，该公司是中国第一家实现连续、稳定发射成功的民营火箭公司，是国家高新技术 企业、国家级专精特新小巨人企业、胡润全球独角兽榜单企业。公司主要为国内外航天领域客户提供高 效、可靠的航天发射服务，核心产品包括"智神星"系列中大型重复使用液体运载火箭、"谷神星"系列轻 小型固体运载火箭等。 在航天发射业务方面，星河动力航天是目前发射次数最多、服务客户数最多、发射卫星数量最多、成功 率表现最佳的民营商业火箭公司，并率先形成了规模化营收。 星河动力 ...

Core Viewpoint - The aerospace ETF Tianhong (159241) has seen significant trading activity, reaching a new high since its listing, with a turnover of 20.17% and a transaction volume of 120 million yuan, indicating a vibrant market engagement [1] Product Highlights - The aerospace ETF Tianhong (159241) tracks the National Aerospace Index, with a high defense and military weight of 96.2%, making it the index with the highest military content in the market. The top ten holdings include key suppliers for fighter jets such as AVIC Chengfei, AVIC Shenyang, AVIC Xifei, and Aero Engine Corporation of China [1] Hot Events - Star River Dynamics is set to launch the "Vesta I Sea Launch Type (Remote Seven)" commercial rocket under the mission code "Wanghai Tide" in the near future [1][2] Industry Insights - In 2025, China's aerospace technology group completed 73 space launch missions, setting a historical record. The commercial aerospace sector is entering a new phase driven by technological iteration and industrial implementation, supported by favorable policies and initiatives from local governments [3]

Core Viewpoint - On November 10, 2023, the launch of the Vesta-1 (Yao 19) rocket by Star River Dynamics Aerospace was unsuccessful, failing to place the satellite into orbit due to an abnormal shutdown during the final flight stage after 510 seconds of flight [1]. Company Overview - Star River Dynamics Aerospace was established in 2018 and primarily provides launch services for domestic and international aerospace clients. Its core products include the "Zhishenxing" series of medium to large reusable liquid rockets and the "Gushenxing" series of small solid rockets [2]. - In late September 2023, Star River Dynamics Aerospace completed a Series D financing round, raising a total of 2.4 billion yuan. The funds will be used to accelerate the development and related production, testing, and launch capabilities of the "Zhishenxing" series of reusable liquid rockets and the "Gushenxing II" medium solid rocket [2].

Core Points - The launch of the Ceres-1 rocket by Star River Dynamics was unsuccessful, failing to place the satellite into orbit due to an anomaly during the final stage of flight [1] - Star River Dynamics has expressed sincere apologies to its clients and supporters for the mission failure [2] - The company has achieved 20 successful launches, successfully delivering 85 satellites into space [4] Company Overview - Star River Dynamics is the first private rocket company in China to achieve continuous and stable successful launches, holding the highest number of launches, client service, and success rate among private companies [6] - The company provides efficient and reliable launch services for domestic and international clients, with core products including the "Zhishenxing" series of reusable liquid rockets and the "Gushenxing" series of small solid rockets [6] Industry Context - The commercial space industry in China is experiencing rapid growth, with a significant increase in launch activities noted in October 2023 [8] - In October, notable launches included the successful deployment of satellite internet low-orbit satellites and a "one rocket, 18 satellites" launch [8] - Investment in the commercial space sector has surged, with 31 financing events completed in 2023, totaling 2.143 billion yuan, nearing the total for the entire year of 2024 [8] - Star River Dynamics completed a 2.4 billion yuan Series D financing round to accelerate the development of its rocket series and enhance production and launch capabilities [8]

Core Insights - Beijing Xinghe Power Aerospace Technology Co., Ltd. has filed for listing guidance with the Beijing Securities Regulatory Bureau, with Huatai Securities as the advisory institution [1] - Founded in 2018, Xinghe Power is the first private commercial aerospace company in China to achieve rocket mass production and high-density launches, accounting for 51.3% of the total successful launches in the domestic private rocket sector [1] - The company has successfully launched 85 commercial satellites for 27 clients, leading in four key metrics: launch frequency, number of clients served, number of satellites launched, and success rate [1] Company Overview - Xinghe Power provides efficient and reliable launch services for domestic and international aerospace clients, with core products including the "Zhishen" series of medium and large reusable liquid rockets and the "Gushen" series of small solid rockets [1] - The company has achieved several industry milestones, including being the first to enter various orbits and successfully implementing sea launches [1] - Xinghe Power is recognized as the leading private commercial rocket company in China, accelerating the industrialization of private commercial launch vehicles [1] Financing and Shareholding - Xinghe Power completed its D round of financing in September 2023, raising a total of 2.4 billion yuan, with investors including various regional investment funds [2] - The funds will primarily be used to accelerate the development and production of the "Zhishen" series and "Gushen No. 2" rockets [2] - The shareholding structure indicates that Liu Baiqi and Liu Jianshe are the actual controllers of the company, holding 32.36% of the shares [2] Industry Context - The push for IPOs among leading commercial aerospace companies is supported by increased policy backing, with the China Securities Regulatory Commission enhancing support for emerging industries [3] - New policies aim to expand the applicability of listing standards to more frontier technology sectors, including commercial aerospace [3]