New Stock News | Commercial Space "Hard Technology" National Star Aerospace has Submitted Applications to the Hong Kong Stock Exchange Three Times with 12 Billion AI Satellite Orders in Hand.

According to the Hong Kong Stock Exchange disclosure on May 14th, Chengdu Guoxing Aerospace Technology Co., Ltd. (abbreviated as Guoxing Aerospace) has submitted an application for listing on the Main Board of the Hong Kong Stock Exchange, with GUOTAI JUNAN I as the sole sponsor. The company had previously submitted applications to the Hong Kong Stock Exchange on January 27, 2025 and August 25, 2025. Company Introduction The prospectus shows that Guoxing Aerospace is a Chinese commercial aerospace enterprise, with a strategic focus on satellites and related services, as well as satellite-based solutions. Leveraging the company's core strengths in commercial aerospace and artificial intelligence, Guoxing Aerospace designs and manufactures commercial satellites to ensure stable operation and management, and provides customized satellite-based solutions to meet the diverse needs of customers. According to Frost & Sullivan data, based on revenue in 2025, Guoxing Aerospace ranks second among all private Chinese commercial aerospace companies in managing the full value chain of satellites. As a pioneer in AI satellite technology, Guoxing Aerospace launched China's first AI application satellite in December 2018, and successfully developed and launched China's first AI large-scale intelligent computing satellite in September 2024. On May 14, 2025, the company successfully developed and launched the world's first AI intelligent computing satellite constellation consisting of 12 AI intelligent computing satellites, marking a significant milestone in the company's efforts to develop space-based intelligent computing constellations and establish an integrated AI space-based intelligent computing system. As of May 4, 2026, the company has independently developed 6 AI payloads, 4 AI application satellites, and 18 AI intelligent computing satellites, successfully completing 14 space missions. Based on the company's proprietary Spirit Realm Engine, Guoxing Aerospace has expanded into satellite-based solution services. By applying AI and commercial aerospace technology, the company provides specific scenario solutions in areas such as spatial intelligence and computing services, digital city applications, urban governance, and culture, tourism, and gaming applications. As of May 4, 2026, Guoxing Aerospace has 37 customer orders for AI satellites awaiting delivery, with a total contract value of RMB 1.231 billion, as well as project backlog for satellite-based solutions amounting to RMB 104 million. Financial Data Revenue For the fiscal years 2023, 2024, and 2025, the company had revenues of approximately RMB 508 million, RMB 553 million, and RMB 703 million, respectively. Gross Profit For the fiscal years 2023, 2024, and 2025, the company had gross profits of approximately RMB 71.065 million, RMB 210 million, and RMB 143 million, respectively. Gross Profit Margin For the fiscal years 2023, 2024, and 2025, the company's gross profit margins were 14.0%, 38.0%, and 20.4%, respectively. Industry Overview In recent years, the Chinese government has actively promoted the development of the satellite industry, leading to a significant increase in the number of satellites in orbit. By the end of 2025, Chinese entities had submitted filings with the International Telecommunication Union involving approximately 203,000 satellite frequency and orbit resources, reflecting extensive planning capacity for large satellite constellations. According to the Union of Concerned Scientists Satellite Database, the number of satellites developed by Chinese companies in orbit increased from 499 as of December 31, 2021 to 1,166 as of December 31, 2025. Low-orbit satellites are crucial infrastructure for the development of China's satellite industry, increasing from 389 as of December 31, 2021 to 1,013 as of December 31, 2025, accounting for 86.9% of the total number of satellites in orbit. In recent years, the China satellite industry has experienced stable growth. With favorable policies and rapid deployment of low-orbit satellite constellations, the Chinese commercial aerospace industry has rapidly developed. Based on revenue projections, the market size of the China satellite industry is expected to continue significant growth in the future. In recent years, the Chinese government has actively encouraged private enterprises to engage in the satellite industry. With policy support, rapid development of commercial aerospace, technological advancements, and rapid deployment of low-orbit satellite constellations, the revenue of private commercial aerospace companies engaged in satellite-related businesses in China increased from approximately RMB 19.2 billion in 2021 to approximately RMB 34 billion in 2025, with a compound annual growth rate of 15.4%. Revenue from private enterprises engaged in satellite-related businesses in China is expected to further increase at a compound annual growth rate of 50.7% starting from 2025, reaching approximately RMB 264.1 billion by 2030. Revenue from private enterprises is estimated to account for 36.3% of the total revenue of the China satellite industry in 2025, and is expected to increase to 45.0% by 2030. Board of Directors Information The board of directors consists of 15 directors, including five executive directors, five non-executive directors, and five independent non-executive directors. Ownership Structure As of May 4, 2026, Beijing Xingrong Aerospace and Beijing New Era Space held 9,005,312 shares and 3,859,416 shares, respectively, accounting for approximately 15.74% and 6.74% of the company's issued share capital. Intermediary Team Sole Sponsor: Guotai Junan Financing Limited Company Legal Counsel: regarding Hong Kong laws and US laws: Gallant Law Firm; regarding Chinese laws (including Chinese data privacy and protection matters): Haiwen Law Firm; regarding international sanctions laws: Hogan Lovells Legal Counsel for Sole Sponsor: regarding Hong Kong laws: Ding & Associates; regarding Chinese laws: Jingtian & Gongcheng Law Firm Reporting Accountants and Independent Auditors: PricewaterhouseCoopers Industry Consultant: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch Compliance Consultant: Guotai Junan Financing Limited