Blue Arrow Aerospace's H1 2025 Revenue Grows 751% with Rocket Launch Services Accounting for 98% of Revenue

According to public data, Blue Arrow Aerospace recorded revenue of

in H1 2025, representing a year-on-year increase of [1].

Time Period	Revenue (RMB 10,000)	YoY Growth
2022	78.29	-
2023	395.21	+404.8%
2024	427.83	+8.3%
H1 2025	3643.19	+751.47%

1. Notable Breakthrough
   : In H1 2025, revenue reached RMB 36.4319 million,
   surpassing the total revenue of the three years from 2022 to 2024
   (RMB 9.0133 million), achieving leapfrog growth[1].

2. Business Transformation
   : The explosive revenue growth mainly stems from a major change in the business structure – the company’s rocket launch services revenue was RMB 0 in 2024, while in H1 2025, rocket launch services revenue reached
   RMB 35.69 million
   , accounting for
   98%
   of the current period’s revenue[2].

3. Customer Concentration
   : In H1 2025, the company’s sales to a single customer (Entity D) reached RMB 35.69 million, indicating a major breakthrough in the company’s commercial launch services[2].

4. Background Factors
   : In December 2025, Blue Arrow Aerospace’s Zhuque-3 became China’s first reusable launch vehicle to successfully launch and enter orbit, marking the market recognition of the company’s technical strength[1].

Despite the substantial revenue growth, the company remains in a loss-making state. In H1 2025, the net loss attributable to parent company shareholders was RMB 597 million, mainly due to the fact that commercial space launch services are still in the early stage of commercialization, with sustained high R&D investment (RMB 360 million in R&D expenses in H1 2025)[1][2].

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[1] Beduo Finance - “High R&D Costs, Recovery Technology Yet to Be Verified: Can Blue Arrow Aerospace’s ‘Capital Rocket’ Take Off?” (https://www.gudongtech.com/depth/5507652601530576)

[2] China Business Journal - “Blue Arrow Aerospace Sprinting to Become the ‘First Share of Commercial Aerospace’” (http://dianzibao.cb.com.cn/html/2026-01/12/content_339183.htm?div=-1)