Blue Arrow Aerospace updates IPO financial materials: net loss of over 1.7 billion yuan last year

According to the Shanghai Stock Exchange website, on June 29, Blue Arrow Aerospace Space Technology Co., Ltd. (hereinafter referred to as “Blue Arrow Aerospace”) has updated and submitted relevant financial materials, and the IPO review status has been changed to “asked for inquiries.”

Blue Arrow Aerospace’s Sci-Tech Innovation Board (STAR Market) IPO application was accepted on December 31, 2025, and entered the inquiry stage on January 22 this year. Previously, because the financial data recorded in the issuance and listing application documents had exceeded its validity period, the company’s IPO review was suspended on March 31. With the update of financial data, Blue Arrow Aerospace has resumed the listing review process.

The prospectus shows that Blue Arrow Aerospace mainly engages in the R&D, production of liquid oxygen methane engines and carrier rockets, and provides commercial space rocket launch services. As of the signing date of the prospectus, the company has successfully carried out 7 liquid-fuel rocket launch missions (the ZQ-2 series carrier rockets 6 times, the ZQ-3 carrier rocket 1 time), and the ZQ-2 series carrier rockets have become the first liquid-fuel rocket in China’s civil and commercial space sector to enter mass production and commercialization.

The latest financial data shows that from 2023 to 2025, Blue Arrow Aerospace achieved operating revenue of 3.9521 million yuan, 4.2783 million yuan, and 52.0963 million yuan, respectively; net profit attributable to shareholders was a loss of 1.19B yuan, 876 million yuan, and 1.71B yuan, respectively. In terms of cash flow, during the reporting period, the net cash flow from operating activities was -809 million yuan, -1.14B yuan, and -1.22B yuan, respectively.

Image source: Blue Arrow Aerospace prospectus

Regarding the reasons it has not yet achieved profitability, Blue Arrow Aerospace said that during the reporting period, its ZQ series liquid oxygen methane carrier rockets were still in the initial stage of commercialization, and the scale of revenue from rocket launch services was small and lacked stability, making it difficult to cover cost and expense outlays; the aerospace equipment industry it is in is a technology-intensive sector, and the company continues to maintain high R&D investment to ensure technological advancement. During the reporting period, the company’s R&D expenses were relatively high, at 830 million yuan, 613 million yuan, and 922 million yuan, respectively.

Blue Arrow Aerospace also warned that due to the impact of multiple complex factors, including industry competition, the commercialization launch progress of its ZQ-2 series medium liquid oxygen methane carrier rockets, and the R&D progress of its ZQ-3 medium-to-large liquid oxygen methane reusable carrier rockets, the company’s operating revenue may not grow as expected, and there is a risk of continued losses for a certain period in the future.

For this STAR Market IPO, Blue Arrow Aerospace plans to raise 7.5 billion yuan. After deducting issuance expenses, all proceeds will be used for the reusable rocket capacity enhancement project and the reusable rocket technology enhancement project.