Boyun Advanced Materials Denies Bluestar Aerospace Cooperation, Says Commercial Space Revenue Below 1% in 2025

GateNews
According to its official statement, Boyun Advanced Materials clarified on May 25 that it has not signed any framework agreement with Bluestar Aerospace and is not a supplier of thermal protection systems for Bluestar's Zhuque-3 reusable rocket. The company emphasized that recent online rumors attributing significant revenue growth to such partnerships are false. In 2025, Boyun's commercial aerospace product revenue reached approximately 2 million yuan, representing less than 1% of total revenue. The company has generated no commercial aerospace sales since 2026 began. Additionally, Boyun noted its 49%-stake joint venture with Honeywell China has been operating at a loss, with negative equity of 30.72 million yuan as of end-2025.
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