On December 17, Guangdong Topstrong Living Innovation & Integration Co., Ltd., a custom home furnishing company, disclosed in response to investor inquiries on an interactive platform that the WS series of flexible reusable thermal protection materials developed by its equity-invested company, Hubei Hangju Technology, have been applied to the Zhuque-3 rocket body of LandSpace.
This home furnishing mainboard-listed company extended its business reach beyond Earth this year by acquiring a 5.8018% stake in Hangju Technology for 63.8198 million yuan.
**Home Furnishing Business and New Horizons** As a company deeply rooted in the home furnishing industry, Topstrong Living has recently shown positive signals in its main business performance. According to its 2025 semi-annual report, the company achieved total operating revenue of 461 million yuan and a net profit attributable to shareholders of 10.0485 million yuan, successfully turning losses into profits.
Specializing in the R&D and production of custom wardrobes, integrated whole-house solutions, high-end hardware (including smart hardware), eco-friendly doors, and innovative doors and windows, Topstrong Living is a comprehensive integrated home furnishing solution provider in China. It operates four production bases in Zhongshan, Foshan, Chengdu, and Wenzhou, with over 1,000 retail stores.
The company’s profitability metrics have also improved, with its weighted average return on equity reaching 1.86% in the first half of 2025, up 2.53 percentage points year-on-year.
In terms of manufacturing capabilities, the launch of its fifth-phase smart factory at the end of 2023 significantly boosted automation levels. Production efficiency doubled, while the workforce was reduced from 1,500 to 700, and customer complaint rates dropped sharply from 15% to below 3%.
With improved efficiency and digital transformation completed, Topstrong’s management has turned its attention to broader horizons.
**Hangju Technology’s Core Strengths** Founded in 2014 and based in Xiaogan National High-Tech Zone, Hubei, Hangju Technology is recognized as a "National Key Specialized and Innovative 'Little Giant' Enterprise" and a "National High-Tech Enterprise."
Public records show that Hangju specializes in R&D and production of special functional materials for aerospace thermal protection, including heat-resistant and insulating materials, internal insulation materials, high-temperature adhesives, marine equipment protection materials, and electric wind tunnel testing services.
Notably, its recently developed WS series of flexible reusable thermal protection materials have been applied to LandSpace’s Zhuque-3 rocket, marking a milestone in commercial aerospace adoption. Hangju is currently advancing its IPO process.
**The Golden Era of Commercial Aerospace** The commercial aerospace industry is experiencing rapid growth. Since 2024, commercial aerospace has been highlighted in the Government Work Report as a representative of "new productive forces," with the 2025 report further emphasizing the need to promote its safe and healthy development.
Market enthusiasm and industrial activity are surging, with strong performance in capital markets. Policy support is intensifying—this year, the China National Space Administration established a dedicated Commercial Aerospace Department and released the "Action Plan for High-Quality and Safe Development of Commercial Aerospace (2025–2027)," integrating commercial aerospace into national strategic planning.
The industry’s focus has shifted to cost reduction and efficiency, with reusable rocket technology as a key driver. A critical challenge lies in developing thermal protection materials capable of withstanding repeated atmospheric re-entry temperature extremes.
**Cross-Industry Technology Transfer** The crossover between home furnishing and aerospace is not unprecedented. Before Topstrong’s investment in Hangju, another home goods company, Taili Technology, demonstrated this path’s viability.
Taili is the exclusive supplier of compression bags for China’s space missions, with its products used in 25 spaceflights to mitigate risks of product rupture and non-metallic material off-gassing in vacuum environments.
More importantly, Taili successfully adapted aerospace R&D systems and processes for civilian products. Using aerospace-grade materials and heat-sealing techniques, it developed vacuum storage bags with high precision, puncture resistance, and superior barrier properties.
This "downward application" of aerospace technology has shown significant market potential. Taili’s vacuum compression bags have led the market for years, entered military applications, and earned recognition from the National Archives Administration for archival preservation technology.
For Topstrong, investing in Hangju not only reflects optimism about commercial aerospace but also opens possibilities for cross-industry material innovation.
As reusable spacecraft technology matures, experience with high-temperature, reusable materials in extreme environments could inspire functional advancements in home furnishing materials.
**Strategic Considerations for Cross-Sector Collaboration** Industry analysts note that Topstrong’s aerospace foray warrants further observation to assess whether it can create synergies between smart manufacturing and aerospace technologies.
Nevertheless, the move has expanded market expectations for the company’s strategic upgrade. With a relatively modest investment (63.8198 million yuan), Topstrong has entered a high-growth frontier while retaining potential technological alignment with its core business.
Market timing is favorable—commercial aerospace is entering a policy-driven growth phase. Analysts suggest that with the debut of new rockets like the Long March 12A, Tianlong-3, and Zhuque-3, 2026 may mark a qualitative leap for the industry.
In capital markets, aerospace-home furnishing hybrids have already produced notable cases. Topstrong’s management has signaled strong confidence, recently executing a 33.5 million yuan share buyback for employee stock ownership plans.
Notably, the first-phase employee stock plan’s transfer price of 8.67 yuan per share significantly exceeds the buyback price, underscoring management’s bullish outlook.
With the successful maiden flight of LandSpace’s Zhuque-3, commercial aerospace is transitioning from testing to scaled operations. Reusable rocket thermal protection materials are pivotal to this shift.
Behind the investment boom, the industry still faces three core challenges: technological costs, commercial viability, and regulatory frameworks. Reusable rocket stability and heavy-lift rocket engineering remain bottlenecks.
From precision satellite components to critical thermal barriers, every link in the commercial aerospace chain demands higher-performance, more reliable solutions—and an ecosystem capable of closing the commercial loop.
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