by MA Yueran
China's first listed space power systems supplier saw its shares surge on debut on the Shanghai Stock Exchange's STAR Market on Feb. 10, highlighting investor interest in aerospace-linked assets.
Shares of CETC Lantian Technology rose as much as 700% in early trading before closing up 596.3% at 65.94 yuan, giving the company a market capitalization of about 114.5 billion yuan.
CETC Lantian is controlled by state-owned defense conglomerate China Electronics Technology Group Corporation (CETC), which holds 44.07% after the IPO. The company raised 1.645 billion yuan, above its initial 1.5 billion yuan fundraising target, to expand production capacity.
Space power systems supply electricity for satellites, spacecraft and space stations. The sector is dominated by a small number of state-backed research groups, reflecting its strategic role in China's aerospace industry.
Space power is CETC Lantian's core business, accounting for more than 60% of revenue in 2024 and over 74% in the first half of 2025. Nearly 90% of gross profit came from the segment in the latest reporting period.
Its largest customer is China Aerospace Science and Technology Corporation, whose affiliates contributed more than 40% of annual revenue in recent years, underscoring customer concentration.
Net profit rose to 337 million yuan in 2024, from 190 million yuan in 2023. The company expects 2025 revenue of 3.14 billion to 3.44 billion yuan, with net profit of 327 million to 360 million yuan.
Accounts receivable climbed to 2.46 billion yuan in the first half of 2025, representing 42.8% of current assets, a level that may draw investor attention as the company expands.
CETC Lantian is also developing space-based solar and other energy technologies, while its civilian new energy business remains at an early stage. The company has scaled back expansion in photovoltaic power station projects, citing business restructuring and efforts to avoid intra-group competition.
