The global commercial aerospace industry recently witnessed two major events. First, the listing of SPCX on the capital market presented a grand narrative about the long-term foundation of space-based AI infrastructure. Then, on July 10, China's Long March 10B carrier rocket was precisely captured by the giant flexible net system of the recovery ship "Pilot" in a predetermined area of the South China Sea, marking China's first successful controlled recovery of a rocket's first stage and the world's first net-based recovery at sea. These two events, one in the West and one in the East, jointly confirm the vigorous development of the global commercial space industry. Against this industrial trend, commercial aerospace targets with unique competitive advantages are drawing significant attention from market funds, including Chengdu Guoxing Aerospace Science and Technology Co., Ltd. (hereinafter referred to as Guoxing Aerospace), which is making its third attempt to list on the Hong Kong Stock Exchange.
According to observations, on May 14, Guoxing Aerospace submitted a listing application to the main board of the Hong Kong Stock Exchange, with Guotai Junan International as the sole sponsor. Notably, the company had previously submitted applications on January 27 and August 25, 2025. As a full-chain participant in China's commercial aerospace industry, Guoxing Aerospace focuses on the R&D, manufacturing, sales, and operation of low Earth orbit commercial satellites, especially AI satellites. The company is the launcher of China's first AI application satellite, the first AI intelligent computing satellite, and the world's first AI intelligent computing satellite constellation, holding core advantages in commercial aerospace and AI.
In terms of performance, Guoxing Aerospace is in a high-growth phase. According to the prospectus, from 2023 to 2025, Guoxing Aerospace's revenue was 508 million, 553 million, and 703 million yuan respectively, with revenue scale steadily climbing for three consecutive years, demonstrating strong business growth momentum and continuous customer expansion capabilities. If Guoxing Aerospace successfully lists in Hong Kong, it is expected to become the "Space AI First Stock" on the Hong Kong stock market. The Hong Kong stock market shows high interest in hard-tech companies with core technological barriers, especially valuing the ability to verify a commercial closed loop and a clear path to profit realization. Leveraging its first-mover advantage and differentiated competitiveness, Guoxing Aerospace is accelerating the transformation of technological achievements into scaled revenue. Its high growth potential and scarce track attributes are likely to receive full pricing and value reassessment from the capital market.
Satellite Business Explodes, Space-Based Business Improves Quality and Efficiency
Founded in 2018, after nearly eight years of deep cultivation, Guoxing Aerospace has formed three major business segments: satellite and related services, space-based solutions, and other services. Among them, satellite and related services refer to providing end-to-end services including payload, platform and satellite R&D, manufacturing, assembly and testing, launch coordination, in-orbit delivery, and operation management. In 2025, Guoxing Aerospace's revenue from satellite and related services accounted for 36.5%. Space-based solutions refer to providing customized application solutions, such as 3D digital modeling of cities, using satellite remote sensing data and advanced AI algorithms from the Lingjing Engine. These solutions meet significant needs in industries such as spatial intelligence and computing services, digital city applications, urban governance, and cultural tourism and gaming applications, supporting customers in making informed decisions and driving sustainable growth. In 2025, this segment accounted for 63.2% of the company's total revenue. Other services refer to smart parking solutions and software and hardware agency services. However, to further focus on its core business, Guoxing Aerospace stated in the prospectus that this segment will cease operations after fulfilling all existing contractual obligations. The revenue share of this segment has been reduced to 0.3% in 2025.
The rapid growth of Guoxing Aerospace's revenue is mainly due to two factors: the explosive growth of satellite and related services, and the high-quality development of space-based solutions. Specifically, from 2023 to 2025, Guoxing Aerospace's revenue from satellite and related services was approximately 3.221 million, 90.971 million, and 257 million yuan respectively, with a compound annual growth rate of 793.25%. The explosion in satellite and related services is mainly due to a significant increase in the number of satellites delivered. In 2023, Guoxing Aerospace delivered zero satellites. By 2024, the company delivered 6 satellites, including 2 AI application satellites and 4 AI intelligent computing satellites. By 2025, the total number of delivered satellites doubled to 12, all of which were AI intelligent computing satellites. While satellite and related services experienced explosive growth, the high-quality development of Guoxing Aerospace's space-based solutions business also effectively supported the impressive revenue performance. In recent years, Guoxing Aerospace has proactively adjusted its business strategy, focusing space-based solutions on standardized products and services with higher gross profit margins, and strategically abandoning some low-value projects. Under this active trade-off of "improving quality while reducing quantity," the segment's revenue stabilized at 460 million, 440 million, and 443 million yuan from 2023 to 2025, demonstrating strong business resilience and a quality-oriented development approach.
If rapid revenue growth is a significant "plus point" for Guoxing Aerospace, the potential for improved profitability is equally noteworthy. Thanks to the increased number of delivered satellites leading to economies of scale, the gross profit margin for satellite and related services from 2023 to 2025 was -107.1%, 12.4%, and 13.7%, showing a continuous upward trend. Meanwhile, driven by the focus on high-value projects, the gross profit margin for the space-based solutions business significantly improved from 12.4% to 44.8% in 2024, an increase of over 30 percentage points. This clearly demonstrates the significant boost to profitability from the high-quality development of the space-based solutions business. Although the gross profit margin for this segment declined in 2025, this was mainly due to changes in the mix of delivered solutions. As the high-quality development strategy continues, the gross profit margin for this business is expected to rebound to higher levels. Thus, the profitability improvement paths for Guoxing Aerospace's two core businesses are distinct and complementary. The satellite and related services business exhibits typical economies of scale, with gross profit margins steadily recovering from the initial investment phase to positive profitability as delivery scale expands. The space-based solutions business demonstrates significant profit elasticity, with the optimization of the product mix expected to continuously deliver high profit returns.
1.2 Billion Orders Lock in Performance Growth, 100-Satellite Launch Plan Outlines Growth Blueprint
Guoxing Aerospace's high growth is rooted in the thriving wave of China's commercial aerospace industry. According to Frost & Sullivan data, the output value of China's commercial aerospace industry has grown from approximately 1.3 trillion yuan in 2021 to 2.8 trillion yuan in 2025, with a compound annual growth rate of 21.1%. Catalyzed by both technological breakthroughs and policy upgrades, this industry is entering a higher growth channel. Technologically, on July 10, 2026, the Long March 10B successfully launched in Hainan for the first time, with its first stage achieving vertical recovery via the world's first net capture system on the "Pilot" platform, setting dual records for China's first controlled recovery of a first stage and the world's first net recovery at sea. The "orbit + recovery" closed loop for reusable rockets has been realized, marking an inflection point for the industry's technology. Politically, the 2025 Government Work Report positioned commercial aerospace as a strategic emerging industry, proposing "large-scale application demonstration actions for new technologies, new products, and new scenarios, promoting the safe and healthy development of emerging industries such as commercial aerospace and low-altitude economy." The supporting stance has formally shifted from initial "active cultivation" to "active promotion," with the focus on technology implementation and industrial ecosystem construction. Under the resonance of technological inflection points and policy dividends, the satellite industry, as the core carrier of commercial aerospace, is experiencing explosive growth. According to authoritative institutions, the total revenue of China's satellite industry is expected to surge from 102.1 billion yuan in 2025 to 587.4 billion yuan in 2030, with a compound annual growth rate of 41.9%. Looking at sub-sectors, all three core links of the industrial chain are in a period of high-volume release. Benefiting from technological breakthroughs and cost reductions, the satellite manufacturing and satellite launch segments are growing at rates of 56% and 65.8% respectively, leading the entire chain, while satellite operation and application are also growing at a high rate of 35.7%. As a full-chain participant, Guoxing Aerospace, whose commercialization is already in the industry's first tier, is expected to continuously realize the industry's beta dividend. Frost & Sullivan data shows that by 2024 revenue, the company ranks eighth among the top ten private commercial aerospace companies in China engaged in satellite-related businesses (with a 2% share). However, when focusing on the top five private enterprises that "manage the complete satellite industry value chain," the company ranks second, with a market share of 22.1% – clearly highlighting the scarcity of its full-chain layout.
The substantial value of contracts in hand is not only a direct reflection of Guoxing Aerospace's core competitive advantage but also a strong guarantee of its future high-certainty performance growth. As of May 4, 2026, Guoxing Aerospace had customer orders for 37 AI satellites yet to be delivered, with a total contract value of approximately 1.231 billion yuan, and an accumulated project backlog for space-based solutions of 103.6 million yuan. In comparison, Guoxing Aerospace delivered 12 satellites in 2025. The 37 AI satellites in hand provide a solid foundation for the steady development of its satellite and related services in the next one to two years. Taking a longer-term view, Guoxing Aerospace's launch plan outlines a grander growth blueprint for the capital market. Guoxing Aerospace stated that it has obtained approval from the International Telecommunication Union for 3,156 satellites. The company plans to launch the first 100 satellites under its "Star Calculation Plan" by 2028, having already successfully launched 12 satellites on May 14, 2025. Clearly, from 2026 to 2028, Guoxing Aerospace will launch the remaining 88 satellites. In March 2026, Guoxing Aerospace also signed an agreement with a launch service provider to launch 8 AI intelligent computing satellites in 2026. It is foreseeable that with the continued launch of satellite orders in hand, Guoxing Aerospace's satellite and related services business may experience a "double hit" of revenue growth and margin improvement, continuing its role as a growth engine driving the company's total revenue.
Overall, with its fundamentally sound quality, rapid revenue growth, and high certainty for future performance backed by substantial contract value in hand, Guoxing Aerospace's IPO is expected to attract capital market interest. Notably, Guoxing Aerospace completed a Pre-IPO funding round in April 2026, with a post-investment valuation of approximately 11.554 billion yuan. If Guoxing Aerospace completes its plan to launch 100 satellites by 2028, it may have the potential to deliver multi-fold returns for investors over the long term.
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