The establishment of Aviation Shenzhen Stock Exchange GEM IPO has been queried. It has been losing for three consecutive years with a total loss of 188 million.

On July 3, Established Airlines Co., Ltd. (hereinafter referred to as Established Airlines) applied for a change in the status of the Shenzhen Stock Exchange's GEM listing review to "inquiry received". GF SEC is its sponsoring institution, and it plans to raise 1.25 billion yuan. According to the prospectus, Established Airlines is mainly engaged in the research and development, manufacturing, sales, and service of core hot-end components of aircraft engines, gas turbines, and liquid rocket engines. Its main products include fuel injection systems for aircraft engines and gas turbines, other components and units of combustion chambers, thrust chambers of liquid rocket engines, turbo pumps, as well as basic components related to motion control in the aerospace and other industrial sectors (such as precision connectors, flexible components, pumps, valves, seals, etc.). In the field of gas turbines, the company has established a deep cooperation relationship with domestic leading independent controllable overall units and has become the core supplier of hot-end components for major models of related customers. In the field of liquid rocket engines, the company has signed strategic cooperation agreements with some well-known commercial aerospace enterprises and has entered the supply chain system of nearly 10 commercial aerospace companies. In the defense industry, the company's customers include military aviation groups such as AVIC and China Aero Engine, as well as research institutions under the Chinese Academy of Sciences, and has been awarded many honors such as the "Best Service Award" and the "Best Delivery Award" by units under AVIC. Gas turbines are core power equipment in the fields of energy generation, industrial drive, and ship propulsion. The localization level of gas turbines directly affects national energy security, maritime security, and industrial system upgrading. Due to the high technical difficulty of gas turbines, deep industrial technology accumulation is required. Currently, only a few countries including the United States, China, Germany, the UK, and Japan have completely independent research and development capabilities. However, in the field of heavy gas turbines, the market is still monopolized by international giants such as GE, Siemens, and Mitsubishi. During the reporting period, the company positioned itself as a "combustion expert for power devices" and is one of the few private enterprises in China that can provide combustion fluid movement and control solutions for power devices in multiple fields including aviation, aerospace, maritime, land, and energy. The products developed by the company cover most of the key models in the domestic "two-engine" field and many industry-leading companies in the commercial aerospace field, playing an important role in the independent controllability process of the industrial chain. Due to the fact that the company's products have not yet achieved large-scale mass production, and also due to factors such as long-term large-scale capital investment, high research and development intensity, and long development cycles, the company has not been profitable during the reporting period. Financially, in the years 2023, 2024, and 2025, the company is expected to achieve operating revenues of approximately 119 million yuan, 188 million yuan, and 251 million yuan respectively; during the same period, net profits are expected to be approximately -57 million yuan, -74 million yuan, and -57 million yuan respectively.