Yuroka Precision Information Engineering Co., Ltd. (hereinafter referred to as "the Company" or "Yuroka") is listed on the Growth Enterprise Market of the Shenzhen Stock Exchange. To meet the needs of the Company's business development, expand its operating scale, and further enhance its capital strength and profitability, in accordance with the "Company Law of the People's Republic of China," "Securities Law of the People's Republic of China," "Administrative Measures for the Registration of Issuance of Securities by Listed Companies," and other relevant laws, regulations, and normative documents, the Company plans to raise funds by issuing shares to specific objects. This report provides an analysis and justification for the proposed issuance of A-shares to specific objects.
Unless otherwise specified in this report, the terms used herein have the same meanings as defined in the "Prospectus for the Issuance of A-shares to Specific Objects by Yuroka Precision Information Engineering Co., Ltd. in 2026."
I. Background and Objectives of the Proposed Issuance of Shares to Specific Objects
(I) Background of the Proposed Issuance of Shares to Specific Objects
- The booming satellite internet industry is driving increasing demand for rocket engines.
According to the International Telecommunication Union (ITU), non-planned satellite orbits/frequency usage follows the "first-come, first-served" principle. Applicants who register first have priority in using satellite frequency and orbit resources. If an in-orbit satellite reaches the end of its lifespan, it can be replaced by a new launch. From the strategic perspective of seizing frequency and orbit resources, space and spectrum resources are considered scarce strategic resources. China has included satellite internet in its "new infrastructure" development plan. In recent years, China has actively implemented low-orbit satellite internet constellation plans, launching the GW constellation (approximately 13,000 satellites), the G60 Qianfan constellation (approximately 15,000 satellites), and the CTC-1/2 (approximately 193,000 satellites), among other mega-satellite internet projects, with a planned total scale exceeding 200,000 satellites. Taking the G60 Qianfan constellation as an example, the project plans to form a network of approximately 15,000 satellites by 2030. After deducting the satellites already launched and in orbit, the new satellite launch demand between 2026 and 2030 will exceed 14,000 satellites. Based on a launch model of 18-20 satellites per launch, the theoretical rocket launch demand for the next five years is estimated to exceed 700 launches.
According to statistics from Research and Markets, the global rocket engine market is expected to reach US$5.2 billion in 2025. With the accelerated deployment of satellite internet constellations and the large-scale application of reusable technology, the market size is projected to grow to US$26.2 billion by 2034, with a compound annual growth rate (CAGR) of approximately 19.6% from 2025 to 2034. In the liquid rocket engine segment, the market size is expected to be US$3.34 billion in 2025 and US$3.59 billion in 2026. In terms of the domestic rocket engine market, with the dense networking of low-orbit satellite internet constellations and the acceleration of rocket engine industrialization, the industry scale will continue to expand.