"Micro-Nano Starry Sky" Successfully Launches Satellite Internet Test Satellite, Company Initiates IPO | Xinxing PORTFOLIO

At 9:06 a.m. Beijing time on September 16, China successfully launched an internet technology test satellite from the Jiuquan Satellite Launch Center using a Long March 2C carrier rocket. The satellite entered its planned orbit and the mission was completed successfully. In this launch, Micro-Nano Aerospace — a Heart Capital portfolio company — manufactured one of the internet technology test satellites. Just one day earlier, on September 15, Micro-Nano Aerospace had completed its IPO guidance filing with the Beijing Securities Regulatory Bureau, making it one of China's earliest commercial aerospace companies focused on satellite manufacturing. It is now a leading player in China's high-end satellite production. Heart Capital is an early investor in both Micro-Nano Aerospace and LandSpace. We remain bullish on and attentive to opportunities in China's aerospace and hard-tech innovation, and welcome future aerospace technology companies to reach out, join our circle of outstanding private-sector innovators, and explore breakthrough technologies and product opportunities together.

As of June this year, Micro-Nano Aerospace has raised over 2 billion RMB in total funding, with a valuation exceeding 7 billion RMB. In May, the company also won an 800 million RMB bid for the "Huantian Satellite Constellation Construction" project. As a national-level "Little Giant" specialized and innovative enterprise, a national high-tech enterprise, and a unicorn in the commercial aerospace sector, Micro-Nano Aerospace has successfully developed and launched 27 satellites of various types, building a satellite manufacturing system with both technical depth and industrial breadth — from AI payloads enabling intelligent on-orbit decision-making, to flat-panel configurations with multi-satellite stacked launches improving constellation deployment efficiency, to flexible solar arrays optimizing power supply. These innovations are consistently guided by "intelligence and precision," laying a solid technical foundation for smart manufacturing. Under the commercial aerospace sector's core demands of "low cost, short cycle, and high reliability," Micro-Nano Aerospace's smart manufacturing system has demonstrated strong adaptability. With a design philosophy of "standardization + modularity + flexibility," it has effectively broken through the customization bottlenecks of traditional satellite development. By standardizing components and building modular architectures, core satellite modules can be rapidly adapted to different mission requirements.

At the same time, Micro-Nano Aerospace has strengthened the reach of its smart manufacturing through a fully closed-loop "R&D, production, and testing" layout. It has built collaborative manufacturing networks covering complete satellites, payloads, and components across multiple locations including Beijing, Changchun, Wuxi, and Chengdu, coordinating with upstream and downstream supply chains to achieve "simultaneous R&D and simultaneous capacity expansion." This has ultimately created large-scale manufacturing capability of "100 satellites per year," compressing the final assembly cycle for a single satellite from the traditional six months to 2-3 months, with scale effects further driving down marginal costs.

The successful launch of this internet technology test satellite is both a continuation of Micro-Nano Aerospace's technical capabilities demonstrated across its previous 27 on-orbit satellites, and an important milestone marking the company's evolution from "technology validation" to "large-scale application" in its smart manufacturing system. Going forward, as flexible production lines iterate and AI becomes more deeply integrated with satellite manufacturing, the "satellite smart manufacturing capabilities" of commercial aerospace will further break through capacity and cost boundaries, injecting new momentum into China's aerospace industry transformation.

Founded in 2022, Heart Capital is an early-stage venture capital firm focused on technology and digitalization.

Heart Capital's team is primarily composed of founding partners and core investors from Lightspeed, alongside seasoned industry investors from Cainiao and Baidu. The team's past investments include Xpeng Motors (NYSE: XPEV, 09868.HK), Full Truck Alliance (NYSE: YMM), Ambiq Micro (NYSE: AMBQ), RoboSense (02948.HK), QuantaSing (NASDAQ: QSG), FinVolution (NYSE: FINV), Hanshow Technology (301275.SZ), as well as FangDD (NASDAQ: DUO), Micro-Nano Aerospace, LandSpace, Baichuan, Manbang Cold Chain, Fan Deng Reading, World Logistics, Lanhu, and Starfield, among others.