The application by Chengli Aviation Co., Ltd. for an initial public offering on the Shenzhen Stock Exchange's ChiNext board has progressed to the inquiry stage, according to the latest exchange information.

The company aims to raise 1.25 billion yuan, with Gf Securities Co.,Ltd. acting as its sponsor.

As detailed in its prospectus, Chengli Aviation specializes in the research, development, manufacturing, sales, and service of core hot-end components for aero-engines, gas turbines, and liquid rocket engines.

Its product portfolio includes fuel injection systems, combustion chambers, and other components for aero-engines and gas turbines, as well as thrust chambers and turbopumps for liquid rocket engines.

The company also produces a range of motion control components for aerospace and other industrial sectors, such as precision connectors, flexible elements, pumps, valves, and seals.

In the gas turbine sector, the firm has established deep cooperative ties with leading domestic system integrators focused on self-reliance and has become a core supplier of hot-end parts for key customer models.

Within the liquid rocket engine field, Chengli Aviation has entered into strategic cooperation agreements with several well-known commercial space companies and is now part of the supply chain for nearly ten such firms.

For its defense-related business, the company's client base includes major state-owned groups like Aero Engine Corporation of China and Aviation Industry Corporation of China, as well as research institutes under the Chinese Academy of Sciences.

It has received numerous accolades from these clients, including awards for "Best Service" and "Best Delivery."

Gas turbines are critical power equipment for energy generation, industrial drives, and marine propulsion, with their level of domestic production directly impacting national energy security, maritime security, and industrial upgrading.

Due to their extreme technical complexity, which demands profound industrial expertise, only a handful of countries—including the United States, China, Germany, the United Kingdom, and Japan—possess fully independent development capabilities.

However, the market for heavy-duty gas turbines remains dominated by international giants such as GE, Siemens, and Mitsubishi.

Positioning itself as a "combustion expert for power units," Chengli Aviation is one of the very few private enterprises in China capable of providing combustion fluid motion and control solutions for power units across aviation, aerospace, marine, land, and energy sectors.

Its products already cover the vast majority of key domestic models prioritized for self-reliance.

The company's developed products span the main series and models within China's "two engines" sector—referring to aero-engines and gas turbines—and serve multiple prominent companies in the commercial space industry, playing a significant role in the supply chain localization process.

Nevertheless, the company has not yet achieved profitability, as its products have not entered large-scale mass production.

This situation is compounded by substantial long-term capital investments, high research and development expenditure, and lengthy product development cycles.

Financially, the company reported revenues of approximately 119 million yuan, 188 million yuan, and 251 million yuan for the years 2023, 2024, and 2025, respectively.

Over the same period, it recorded net losses of about 57 million yuan, 74 million yuan, and 57 million yuan, accumulating a total loss of 188 million yuan over the three years.