Market capitalization soars above 100 billion! The first aerospace listed company in 2026 is here

The first publicly listed company in the aerospace power supply sector has emerged.

On February 10th, China Electronics Technology Group Corporation’s (CETC) subsidiary, China Electronics Blue Sky Technology Co., Ltd. (referred to as CETC Blue Sky, 688818.SH), was listed on the STAR Market.

After opening, CETC Blue Sky’s stock price surged by over 700%. By the close, it had increased by 596.3%, closing at 65.94 yuan per share, with a total market value of approximately 114.5 billion yuan.

As a leader in aerospace power supplies, CETC Blue Sky is a core platform for the industrialization of electric energy under China Electronics Technology Group Corporation (CETC). It is a second-tier central enterprise and the fourth company under CETC to be listed on the STAR Market.

Aerospace power supplies refer to specialized power systems that provide stable and reliable electrical energy for spacecraft, satellites, space stations, and other space vehicles.

An industry insider told Jiemian News that there are two main core research and development units in China’s space power supply field: one is the 811 Institute of China Aerospace Science and Industry Corporation (CASIC) in Shanghai, and the other is the 18th Research Institute of CETC in Tianjin, which is the second largest shareholder of CETC Blue Sky.

According to the Shanghai Stock Exchange’s official website, CETC Blue Sky’s IPO was accepted on June 28th last year, with inquiries following within less than a month. The company’s IPO registration became effective on the last day of 2025.

For this listing, CETC Blue Sky planned to raise 1.5 billion yuan, ultimately raising 1.645 billion yuan, which will be used to accelerate the construction of the aerospace power supply system industrialization platform, expand production capacity, and seize incremental markets.

According to the prospectus, the funds will be invested in the Phase I construction project of the aerospace power supply system industrialization. The project plans to cover 288 acres of land, add 192,800 square meters of new building area, with a construction cycle of 36 months. The main facilities include new solar cell devices, solar cell array assembly, power control systems, commercial aerospace power systems, near-space power assembly, and power testing lines.

CETC Blue Sky’s current business is mainly divided into three segments: aerospace power supplies, special power supplies, and new energy applications and services, offering complete solutions for power generation, energy storage, control, and system integration.

“The product application fields can cover from deep-sea (1 km underwater) to deep space (225 million kilometers from Earth),” CETC Blue Sky claims in the prospectus.

Image source: CETC Blue Sky Prospectus

From 2022 to the first half of 2025, CETC Blue Sky’s net profits were 208 million yuan, 190 million yuan, 337 million yuan, and 65 million yuan, respectively.

CETC Blue Sky expects that in 2025, revenue will be between 3.138 billion and 3.435 billion yuan, representing a year-on-year growth of 0.35% to 9.85%; net profit will be between 327 million and 360 million yuan, with a change range of -3.18% to 6.81%.

After the IPO, CETC Blue Sky’s controlling shareholder and actual controller is China Electronics Technology Group Corporation, holding 44.07%; the second-largest shareholder is CETC 18th Research Institute with 13.5%; the third, fourth, and fifth largest shareholders are Jing Hongrui, China Electronics Investment, and Jing Yuanruihe, holding 10.83%, 4.05%, and 3.6%, respectively.

Image source: CETC Blue Sky Prospectus

Image source: CETC Blue Sky Prospectus

CETC Blue Sky leverages two major hot sectors—space and new energy.

In the aerospace power supply field, CETC Blue Sky’s products mainly include space solar cell arrays, space lithium-ion battery packs, and power control devices and systems, applied to spacecraft and near-space vehicles.

By 2024, the aerospace power supply business will account for over 60% of CETC Blue Sky’s revenue, with domestic market coverage exceeding 50%.

In the first half of 2025, aerospace power supplies contributed over 74% of CETC Blue Sky’s revenue; this segment’s gross profit accounted for 89.91% of its main business gross profit.

The company’s largest customer in this segment is China Aerospace Science and Technology Corporation (CASC), with subordinate units accounting for 45.59%, 43.1%, 43.64%, and 53.37% of CETC Blue Sky’s revenue, respectively.

Image source: CETC Blue Sky Prospectus

As early as 1970, CETC Blue Sky provided power products for China’s first artificial satellite, “Dongfanghong-1.”

The company has also undertaken several national high-tech research and development projects, including the 863 Program, Innovation Fund, and Torch Program. In recent years, it has supplied power products for the Shenzhou series spacecraft, Tianzhou cargo spacecraft, the “Tianhe” core module of the space station, the “Wen Tian”/“Meng Tian” experimental modules, Beidou navigation, Chang’e lunar exploration satellites, the Mars exploration project, the Qianfan constellation, and State Grid constellation projects.

According to Jiemian News, CETC Blue Sky also has substantial technical accumulation in the currently booming space photovoltaic field.

The prospectus mentions that the company owns core technologies including gallium arsenide space solar cells, thin-film gallium arsenide solar cells, and space lithium-ion battery packs, among 11 key technologies.

While deeply cultivating aerospace and special power supplies, CETC Blue Sky is also expanding into civilian markets, gradually developing photovoltaic and energy storage sectors. Its new energy products mainly include microgrid solutions, energy storage systems and EPC services, photovoltaic solutions, power testing services, as well as lithium battery cathode materials and consumer lithium batteries.

However, the company’s new energy business is still in its early stages of development.

It notes that the company has entered the new energy field relatively recently, with a small scale of operations. Due to intense market competition in energy storage and consumer lithium batteries in recent years, and because profitability is heavily affected by raw material prices, CETC Blue Sky’s scale effect in these areas is weak, leading to higher unit costs and even negative gross margins.

Over the past three and a half years, CETC Blue Sky’s accounts receivable on the books have been 1.14 billion yuan, 1.93 billion yuan, 2.08 billion yuan, and 2.46 billion yuan, respectively, accounting for 20.74%, 31.67%, 33.64%, and 42.82% of current assets, showing a year-on-year increase. The company explains that this is mainly due to steady growth in aerospace power supplies and rapid development of energy storage business.

CETC Blue Sky also highlights risks related to shrinking photovoltaic power station projects.

From 2022 to the first half of 2025, revenue from photovoltaic power station projects accounted for 8.75%, 10.34%, 7.49%, and 3.67% of total revenue, respectively, with gross profit proportions of 1.15%, 0.33%, 1.04%, and 1.4%, indicating a relatively low contribution.

To optimize its business structure and avoid industry competition risks, CETC Blue Sky has decided not to pursue new large-scale ground-mounted photovoltaic EPC projects or distributed photovoltaic EPC projects. This adjustment may lead to a future decline in business revenue.

The prospectus also discloses that CETC Blue Sky faces industry competition with China Electronics Technology Group’s subsidiaries Hongtai Solar New Energy and Jieke New Energy in photovoltaic project construction, and potential competition with 18th Research Institute in lithium-fluorocarbon battery products.

(Source: Jiemian News)