At 12:33 on May 15, 2026, the Lijian-1 Y13 carrier rocket lifted off from the Dongfeng Commercial Aerospace Innovation Test Site on a single launch carrying five satellites. It delivered Taijing-3 05A/05B, Tianyi-50, Tianyan-27 and Jilin-1 Gaofen 03D55 to their designated orbits, making the Lijian launch vehicle series the first to achieve the milestone of 100 satellite orbital deployments.

The highly integrated gas feed module for Hall-effect thruster systems, developed by Shenkai Hanqing Dynamics Technology Co., Ltd. (hereinafter referred to as Hanqing Dynamics), an investee of Shenkai, was successfully delivered to orbit aboard the launch vehicle and its satellite payload. On June 2, the module completed its in-orbit ignition test,demonstrating stable performance and flawless operation in space.

Liftoff of Lijian-1 Y13 launch vehicle | Image courtesy of CAS Space

| Core Advantages: 1.2kg lightweight core assembly supporting reliable satellite operation throughout its full service life

A Hall-effect thruster system comprises three core components: power supply module, gas feed module and thruster. The gas feed module undertakes critical functions of propellant pressure stabilization, pressure regulation and precise flow control, which directly govern the reliability of satellite orbit maintenance, attitude adjustment and long-term service performance. The gas feed module developed by Hanqing Dynamics, which has just passed in-orbit verification, weighs only 1.2 kilograms.

Highly Integrated Gas Feed Module by Hanqing Dynamics

Product Highlights

· Net Weight: 1.2kg with ultra-light integrated design

· Dimensions: 100mm × 100mm × 84mm, compatible with mainstream flat satellite platforms

· Integrated Components: High & low pressure sensors, high-pressure self-locking valves, two-stage pressure reducers, multi-channel solenoid valves, micro-flow controllers, buffer vessels

· Orbital Test Result: Ignition test finished on June 2 with steady and reliable operation

Satellites feature extremely constrained payload space. Leveraging highly integrated design, Hanqing Dynamics compactly incorporates six core components — high and low pressure sensors, high-pressure self-locking valves, two-stage pressure reducers, multi-channel solenoid valves, micro-flow controllers and buffer vessels — within a fist-sized unit. Achieving ultra-lightweight design (overall net weight: only 1.2 kg), the module guarantees precise propellant transfer and sustained long-term system reliability. This breakthrough represents a new milestone in China's capacity for independent development and manufacture of core power components for commercial satellites.

| Technical Heritage: Over 20 years of aerospace expertise, verified on 150 in-orbit satellites

Hanqing Dynamics was founded under the leadership of Dr. Liu Yanjie, a senior expert in space propulsion and former Deputy Director of the 801 Research Institute. Drawing on more than 20 years of R&D experience in major national space propulsion projects, the company focuses on technical and product demands in the space propulsion sector, and has successively developed various propulsion systems including cold gas propulsion, chemical propulsion and Hall electric propulsion.

I. Profound Technical Heritage and Engineering Capacity. The company's core team has focused on the space propulsion sector for over two decades, taking part in numerous major national aerospace projects and accumulating full-chain technical experience ranging from principle verification to engineering mass production. Catering to the rigid market demand of commercial satellite constellations, Hanqing Dynamics has conducted extensive cooperation with well-known domestic enterprises and research institutes in the development and application of Hall electric propulsion systems.

II. Verified Large-Scale Mass Production Capacity. The company's 20mN Hall thruster has completed 200 hours of ground ignition tests, fully verifying product reliability and engineering mass production capability. The domestic super production line for Hall electric propulsion has achieved an annual output capacity of one thousand units, fully prepared to meet the large-scale demands of satellite constellation networking.

III. Flight Verification on Over 150 In-Orbit Satellites in Total. Up to now, various satellite propulsion systems developed by Hanqing Dynamics have undergone flight verification on more than 150 in-orbit satellites, covering multiple propulsion types and satellite platforms. The maturity and reliability of products have been fully validated in the real on-orbit environment.

Ground Ignition Test of Hanqing Dynamics Hall Electric Propulsion System

| Investment Perspective: Shenkai Deploys Forward-looking Layout in the Commercial Aerospace Sector and Partners with Hanqing Dynamics to Seize First-mover Advantages in Domestic Independent Production

For the first time, the 2026 Government Work Report designates the aerospace industry in its entirety as a national "emerging pillar industry", placing it alongside integrated circuits and biomedicine, and clearly proposes to "accelerate the development of satellite internet". The shift from positioning as an "emerging industry" to an "emerging pillar industry" marks that China’s commercial aerospace industry has officially been incorporated into the core of national strategies.China National Space Administration (CNSA) has newly set up a Commercial Aerospace Department to conduct unified supervision. The 2025-2027 Action Plan clarifies that commercial launches shall account for no less than 30% of all launches in 2026, with continuous policy dividends unleashed for the industry.

In 2024, seizing the explosive growth window of the commercial aerospace industry, Shenkai made a strategic investment in Hanqing Dynamics to expand its layout in national strategic emerging sectors including commercial aerospace, hydrogen energy and low-altitude economy, and continuously improved its full-industry-chain layout covering emerging industries. As a core supplier of satellite electric propulsion systems, Hanqing Dynamics has achieved successful orbital insertion and on-orbit ignition verification of its Hall electric propulsion gas supply module, marking a critical leap for its products from "ground verification" to "in-orbit flight validation". This stands as a vital milestone for realizing independent controllability of core technologies in China’s commercial aerospace, as well as a key tangible outcome of Shenkai’s forward-looking layout in the commercial aerospace track.

With four core strengths of ultra-high specific impulse, ultra-long service life, high-precision orbit control and controllable full-lifecycle cost, Hall electric propulsion has become the standard power solution for low-Earth orbit satellite constellations. Driven by this rigid market demand, China’s domestic Hall electric propulsion industry is speeding up its transition from "laboratory verification" to "large-scale delivery". The process of securing independent controllability for the "heart" of domestic commercial satellites has been fully accelerated, pushing competition in this sector into a new large-scale development phase.

As a listed enterprise with long-standing expertise in energy equipment manufacturing, Shenkai will leverage its industrial resources to cooperate with Hanqing Dynamics on continuous technical iteration and market expansion. The joint effort will further advance the localization of electric propulsion systems for commercial satellites and deliver sustainable long-term value to all shareholders.

Partial content reprinted from Hanqing Dynamics’ official WeChat channel